M&M Brokers Sale of 105-Unit Assisted Living Facility in Austin

by Jeff Shaw

AUSTIN, Texas — Marcus & Millichap’s Institutional Property Advisors (IPA) has arranged the sale of Ashwood, a 105-unit assisted living facility in Austin, for an undisclosed sum.

A private owner-operator from West Texas sold the property to complete his retirement from seniors housing. The buyer was a partnership between a private equity firm from Austin and McFarlin Group, a Dallas-based owner-operator.

Ashwood was built in 1986 on four acres as a medical office building. The seller acquired the property in 1998 and converted it to assisted living.

McFarlin’s senior living subsidiary, Surpass Senior Living, will operate the asset as McFarlin continues its expansion in Texas. McFarlin plans a complete repositioning of the asset, including a renovation of the original building and expansion onto unused land on the property. McFarlin also plans to convert the facility to become 100 percent private pay.

The buyer assumed a HUD loan as part of the acquisition. Mark Myers, Josh Jandris, and Ryan Fleming led the IPA team representing the seller in the transaction.

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