Civitas firing on all cylinders

A seniors housing developer active in Texas, after already opening five assisted living/memory care communities in the state last year, with three more currently under construction, is jumping back into the acquisition market to grow its portfolio. Civitas Senior Living purchased two former Brookdale Senior Living communities (with 58 independent living, 65 assisted living and 36 memory care units) in Harlingen, Texas (Brownsville MSA) for an undisclosed price. Civitas will take over operations and commence renovations to the common areas early this year. This is not the first acquisition for the fast-growing developer, however, which last September announced a new post-acute care division, called Civitas Post-Acute, and acquired two skilled nursing facilities in Jefferson (East Texas) as well as an assisted living/memory care community in town. We will have to see how Civitas’ developments fill up, as many of them are in potentially overdeveloped markets such as Austin, Dallas and Fort Worth, but the newly acquired communities are in areas where we haven’t heard of much building happening, so operational/occupancy risk may not be as high.

 

 

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