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.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.