MISSOURI CITY, Texas — Evans Senior Investments (ESI) has arranged the sale of Oyster Creek Manor in the southeast Texas city of Missouri City for $14.4 million, or $186,000 per unit.
Oyster Creek Manor features 54 assisted living units and 23 memory care units. Oyster Creek Manor’s census is 100 percent private pay and averaged a 79 percent occupancy rate over its history.
Built in 2010, the Class A community is located in Fort Bend County, an area that has seen a 40 percent increase in the 65-plus age group between 2010 and 2014.
The buyer is a Texas-based operator with over 35 facilities in Texas. The seller was an institutional group based out of the East Coast, and will utilize a third-party management company to operate the facility. The sale included assumption of the seller’s HUD note against the property.