Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has successfully arranged the sale of a three-property CCRC portfolio in Texas. The 664-unit portfolio consisted of independent living, assisted living, memory care and skilled nursing units with both entrance fee and rental structures. They include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler.
The Tampa-based Grandbridge team led by David Kliewer and Jay Jordan, in partnership with San Diego-based David Rothschild, represented the seller, Dallas-based private equity firm RSF Partners, in a joint venture with Evergreen Senior Living Properties, LLC and its affiliated manager ER Senior Management, LLC. The communities were sold in good condition, with independent living (comprising 64% of the unit mix) occupancy topping 95% at the time of closing and averaging 90% over the past three years. Overall portfolio occupancy was 90% at the time of sale, and an IL cottage expansion was underway at one of the campuses.
Grandbridge identified Lifespace Communities as the purchaser of the portfolio, an ideal fit given the not-for-profit’s growth initiatives and the fact that much of its senior leadership is based in Dallas. The sale marks the 30th career entrance fee CCRC sold by the Grandbridge team.
