Details are not in abundance, but if you have the cash and the ability, there are up to four memory care facilities in the Houston, Texas market that are available for a quick sale. Here’s the issue. Bids are due by August 16, and the closing must be by August 30. That means no financing contingencies, probably no third-party reports in time. The sellers are the banks, and Cushman & Wakefield was just hired to complete this task, as impossible as it may sound.
The good news is that the lenders have to sell, and while we have not heard an asking price, we assume you will get them at well below original construction cost. We believe they were all built between 2011 and 2015, but occupancy levels are at or below breakeven. They were developed by Autumn Leaves and are 100% stand-alone memory care. Also, we believe that you can buy any or all of the properties, but we assume they will look more favorably on an offer for all four. They have to get out, and it appears the only other alternative at this point is closing them. Everyone loses if that happens.
To check out this opportunity asap, call Mary Christian (858-625-5289) or David Kliewer (813-349-8368) at Cushman & Wakefield.