Construction has begun on The Heights at Shavano Park, a new senior care in Shavano Park, Texas, a suburb of San Antonio. When completed, the new Mediterranean-style community will have 84 units: 40 assisted living and 44 memory care. Residents will enjoy a dining room with a private dining area, a gym with equipment specifically designed for seniors, a spa and beauty salon, a theater, and a chapel. The grounds will feature an outdoor dining and barbecue area, individual gardening plots, and—given the physical and social benefits of living with a dog or cat—a dedicated pet area!
Dallas-based investment-banking firm Meridian Capital LLC, a partner of Global M&A Partners, will own The Heights at Shavano Park. Integral Senior Living (ISL), headquartered in Carlsbad, California, will manage the new community. ISL currently operates 58 assisted living and memory care facilities throughout the West and Southwest, including five communities in Texas. The Heights at Shavano Park is the company’s first project in San Antonio.
Shavano Park is a tiny, affluent city located at the edge of the beautiful Texas Hill Country and about 12 miles north of downtown San Antonio. The groundbreaking ceremony for The Heights at Shavano Park took place on July 21, with the grand opening scheduled for the latter part of 2015.
The Tribute at Heritage Village is the first of a portfolio of joint-venture projects that Thrive Senior Living will undertake in the metropolitan Washington, DC, market over the next 12 months with partners Harrison Street Real Estate Capital of Chicago and Palomino Capital of Dallas. Although development projects in the densely populated DC Metro area typically involve a lengthy, expensive, and sometimes difficult process, Thrive has targeted that market as part of its growth platform based on continued demographic demand and a lack of new and innovative competitors. “Overcoming obstacles in order to have the opportunity to change the landscape of senior living in such a dynamic market is an incredible opportunity,” according to John Toomay, President of Palomino Capital.
Atlanta-based Thrive Senior Living is a privately held owner/operator and developer of assisted living and memory-care communities already established in Florida, Georgia, Louisiana, and Texas. The Tribute at Heritage Village, the company’s first Virginia project, is scheduled for completion in September 2015. Synovus Bank is providing the financing.
