DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas.
The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently delicensed, and the entire building was again operated as independent living.
The Seller, Valstone, had recently closed on the asset in November of 2020 and had intended to stabilize. However, it was an operational outlier, so Valstone elected to instead sell it to an out-of-industry buyer that plans to convert the property to affordable seniors housing. The price was not disclosed.
Bradley Clousing and Matt Alley handled the transaction for SLIB.