ABILENE, AMARILLO and TYLER, Texas — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of a three continuing care retirement communities (CCRC) in Texas.
Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The price was not disclosed.
The 664-unit portfolio provides a full continuum of care including independent living cottages and apartments, assisted living, memory care and skilled nursing in a hybrid structure of entrance-fee and rental contracts.
The properties include Wesley Court in Abilene, The Craig in Amarillo, and Meadow Lake in Tyler. With an average campus size of over 60 acres, these communities are positioned as market leaders and benefit from robust economic and population growth in their immediate areas.
The portfolio’s majority mix of independent living (64 percent of the unit mix), including 158 cottage/executive homes, provides operational stability, as independent living occupancy was 95 percent at the time of closing and had averaged over 90 percent for the past three years. Overall portfolio occupancy was 90 percent at closing, and a cottage expansion is underway at one of the communities.
The Tampa-based Grandbridge sales team led by David Kliewer and Jay Jordan, in partnership with San Diego-based David Rothschild, represented the seller in the transaction. Lifespace plans to integrate the communities into its operating portfolio by the end of the year, and Evergreen will continue managing the communities until that time.