The JLL Seniors Housing Capital Markets team including Charles Bissell, Cody Tremper, Mike Garbers, Zach Rigby and Jason Skalko represented the seller of a 189-unit senior living community in Longview, Texas. Developed in 2018 adjacent to the Longview Regional Medical Center, the community features 126 independent living, 41 assisted living and 22 memory care units. There are also plenty of amenities, like an outdoor pool and patio area, bocce ball court, a bistro/bar and others.
The project had trouble getting off the ground, until Austin-based private equity firm Thrive FP bought it for $20.7 million, or about $110,000 per unit, in a bankruptcy auction. Citizens National Bank financed that deal. Thrive FP announced its intention to sell the community after stabilization, or a three-to-five-year hold, and that time has come.
Lease-up must have gone well under management by 12 Oaks Senior Living, as new ownership has plans to develop additional independent living cottages. That buyer ended up being a joint venture between MedCore Partners and The National Realty Group, which did not disclose a purchase price. Integral Senior Living will operate the community.