DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Avenues of Park Forest, an 86-unit seniors housing community in Dallas.
The community was built in 1998, totaling 65,000 square feet on approximately four acres of land.
The seller was a large investment manager that hired a third-party manager for this community. The buyer is a private equity company specializing in seniors housing and medical office buildings. The price was not disclosed.
The buyer plans to invest in capital improvements to push census growth.
Jason Punzel and Matthew Alley of SLIB handled the transaction.
“This transaction allowed for the outgoing owner to exit this submarket,” says Alley. “This deal showed the benefits of SLIB’s local focus as the purchaser is a group out of Dallas that was interested in adding this to its portfolio. The facility’s census was affected by Dallas County’s strict COVID regulations. The buyer hopes to build on recent census improvement.”