To kick off our inaugural issue, we are putting the spotlight on one of the most active developers of 2013 in one of the most active states for senior housing development (see below). Stroud Development, an affiliate of Stroud Properties based in Dallas, centers most of its construction activity in the Lone Star State. With its development partner McFarlin Group, Stroud recently developed five Orchard Park assisted living and memory care facilities in Kyle, Katy, Odessa, Pearland, and Victory Lakes, Texas. Each project cost an estimated $14 million and was financed through local/regional banks and HUD 232 LEAN program loans. Since 1990, Stroud Development has developed 28 properties totaling 3,586 units.
In 2013, Stroud launched a new senior housing brand—Sonoma House Assisted Living and Alzheimer’s Care—outside of Carrollton, Texas. Based on his own father’s sedentary and lonely experience in senior care, Jim Stroud believes that seniors are “immeasurably happier and healthier” in more intimate, social and active environments; therefore, he decided to implement his own proven small-house strategy. Stroud’s activity in Texas reflects a strong trend of privately held companies wanting to build in the low-regulation, minimal-zoning state of Texas. Since early 2012, 24 of 147 developments (16.5%) by privately held companies that we tracked were constructed in Texas. Stroud Development is riding this wave of new development and is planning several more communities under its new brand