The joint venture between Titan Development and EverWest Real Estate Investors decided to sell two of its “Élan” assets in the Southwest. Each property features 77 assisted living and 36 memory care units, for a total of 220 units with 226 beds. The Austin, Texas property opened in late 2016, and just after, the Albuquerque community opened in early 2017 within the 60-acre Santa Monica Place master plan, which consists of 460 new, Class-A multifamily units (developed by Titan Development and Alliance Residential), a 130-unit independent living community operated by Resort Lifestyle Communities, and 150 new single family homes ranging in price from $275,000 to $400,000. Seems like a good location. Civitas Senior Living was the previous operator.
A joint venture between a global real estate investment manager and Watermark Retirement Communities purchased the two communities for an undisclosed price. The Cushman & Wakefield Senior Housing Capital Markets team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handled the sale. C&W also exclusively arranged acquisition financing for the buyer, securing a first mortgage from a national lender.
