Evans Senior Investments arranged the sale of Crystal Creek at Preston Hollow in Dallas, Texas, on behalf of a regional owner/operator.
Built in 2001 with a recent 2018 renovation, Crystal Creek features 119 beds with a range of care levels including skilled nursing, assisted living and memory care. At the time of marketing, occupancy in both the seniors housing and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the campus consistently struggled to lease up the beds with Medicare & private pay residents, which resulted in negative operating margins.
Evans ran a confidential marketing process, targeting a small group of seniors housing buyers. The process yielded several offers, with Marcus Investments ultimately being selected as the buyer. Vitality Senior Living was retained by Marcus Investments to operate the community going forward.
The buyer plans to spend over $9.0 million renovating the community to build additional assisted living and memory care units. Renovations are set to begin following the close.
