Oklahoma-based Plains Commercial announced the sale of a vacant assisted living portfolio in Copperfield and Pearland, Texas (Houston MSA). The Glen Hope Portfolio comprises two communities built in 2005 and 2009, respectively. Both communities offered well maintained physical plants with little need of immediate capital expenditure.
Plains Commercial represented the stalking horse bidder in a bankruptcy auction of a defaulted bond portfolio. The buyer is a local owner/operator with a growing footprint in the state of Texas which also has a strong operational track record with struggling communities. It plans to implement its operational model immediately and begin lease-up. Daniel Morris of Plains Commercial handled the transaction.
