DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow.
Built in 2001 with a 2018 renovation, Crystal Creek is located just north of downtown Dallas. The community features 119 beds, offering a range of care levels, including assisted living, memory care and long-term care. At the time of marketing, occupancy in both the senior living and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the community experienced negative operating margins.
A regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator.
“The buyer plans to spend over $9 million renovating the community to make way for additional Assisted Living and Memory Care units.” says Brendan DeSilvia, director of mergers and acquisitions at ESI.