DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek, located in the Turtle Creek neighborhood of Dallas.
The property features 35 units and 42 beds. It is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months.
The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.
The project is the third standalone memory care joint venture between RCP and Matteo, both of which are based in Dallas. The other two projects are Iris Memory Care of Rowlett (a suburb of Dallas) and Iris Memory Care of Edmond (a suburb of Oklahoma City).
“Memory Care is best done in an intimate, residential environment, contained within one or more single-story structures,” says Brandon Meszaros, principal with Matteo. “It’s very rare to come across a single-story building built specifically for seniors in a high-density, urban location such as Turtle Creek.”