Texas Senior Housing Portfolio Sold to Lifespace Communities
Three Texas senior housing centers totaling 664 units were sold by RSF Properties, Evergreen Senior Living and ER Senior Management. David Kliewer, Jay Jordan and David Rothschild of Grandbridge Real Estate Capital brokered the deal. The sales price was not disclosed.
The properties, which averaged over 60 acres a piece, included the Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offered a full continuum of services, including independent living, memory care and skilled nursing.
The portfolio’s majority mix of independent living (64 percent of the unit mix), including 158 cottage/executive homes, provides operational stability, as independent living occupancy was 95 percent at the time of closing and had averaged over 90 percent for the past three years. Overall portfolio occupancy was 90 percent at closing, and a cottage expansion is underway at one of the communities.
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.