We’ve written about senior care development in Texas quite a bit recently, but a relatively new brand is making its mark in the Lone Star State. The Heartis brand, developed by Dallas-based Caddis (formerly Caddis Partners), launched in 2013 with the development of Heartis Conroe in Conroe, Texas. Two more communities are set to open next month in Cleburne and Eagle Mountain (Ft. Worth area), and by the end of the year, Caddis will have secured financing (mostly conventional bank financing) for a total of 12 projects. The size and unit breakdowns vary by each community, though currently the company builds a prototype of approximately 78 units (90 beds) with a combination of 54 assisted living and 24 memory care units, which Caddis has determined by experience and working with local operators. The company will diversify its operators, with four to five properties per operator.
Three more Heartis communities are set to open in the first half of 2015: Heartis Amarillo, Heartis Cypress, and Heartis Clear Lake, all in Texas. Not to mention, Caddis recently closed on land in San Antonio and Waco, and will soon in Arlington, with all breaking ground in the near future to be managed by Frontier Management. Caddis also plans to branch out of the state, having signed a partnership agreement with Pathway Senior Living out of DePlaines, Illinois, to do 5 projects in Illinois and the Midwest, as well as looking into developing in the upper Midwest and the Southeast, like the Atlanta area. Independent living will also be in the works soon as “Phase Two” construction projects for some of its existing facilities or as part of future developments. Caddis looks to develop five to six of its Heartis communities a year, fast on track to becoming a national brand.
