Phorcys Capital Partners made its second acquisition in a month with the purchase of Inspired Living Lewisville in Lewisville, Texas (Dallas MSA). The alternative asset manager made the acquisition in partnership with SilverPoint Senior Living, an operator with six locations in Texas and Oklahoma, including another assisted living/memory care community in the town of Lewisville.
Opened in 2018, the community consists of 106 AL and 43 MC units, with 135,000 square feet in three stories. There are also numerous amenities, including a poker room, pool hall, fireplace lounge, piano balcony, tiki bar, fishing pier, dog park and putting greens. It was developed by Florida-based Validus Senior Living. The community was renamed The Pearl, and the partnership will make strategic investments at it in the coming months.
In September, Phorcys acquired The Glen at Lake Oconee Village, a recently-built senior living community in Greensboro, Georgia, with 114 units of independent living, assisted living and memory care. Previously in receivership, the community will continue to be operated by SRI Management. Phorcys was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project. It acquired the community for $26.45 million, or $232,000 per unit. Ziegler arranged $20.5 million in financing from Stride Bank to fund the deal.
