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Cypress Senior Living Facility to Triple Size
The second phase of Spring Cypress Senior Living will cost $97 million to build. The high-end senior living facility will add a little over 150 units of varying sizes and care levels. It currently has 80 units for assisted living and memory care residents.
The Houston Business Journal Reports phase 2 is being developed by MedCore with equity partner Acron USA. Financing for phase 2 will be provided by BOK Financial Corp. and private equity investors. Granite Harbor Advisors, in partnership with Oxford, Mississippi-based Addicus, joined the project and raised $12 million to reach full financing.
The expansion is slated to be completed by the third or fourth quarter of next year. It includes a mix of independent-living townhomes, assisted-living apartments and memory care units. Amenities include a courtyard, pool, dining area, fire pit, bistro, a poolside bar and a sports bar, and a roof garden with fireplaces and outdoor kitchen.
Rent ranges between $4,000 and $7,000 per month. The existing building is nearly 95% occupied.
