Duncanville, Texas-based WindRiver Companies sold an active adult community in its hometown with the help of the seniors housing team at Walker & Dunlop. Jordyn Berger, Joshua Jandris, Mark Myers, Brett Gardner and Nick Hall worked on the deal and found the buyer, Dallas-based multifamily real estate investor Edison Equity Management Corp. (Edison).
WindRiver originally developed the property in 2004 and has managed it ever since. They seem to have been ahead of the game in the growing active adult market. The community features 150 units, with rents ranging from $1,200 for one-bedroom units to nearly $2,100 per month for two-bedroom options. Occupancy was close to 100% throughout the pandemic, and the property was operating at a strong margin. The buyer intends to complete a modern refresh throughout the building in the next year.
No purchase price was disclosed, but Edison financed the deal through Freddie Mac. The company will operate the community and has a few ground-up active adult developments in the works. Edison also recently acquired a value-add active adult community in Hurst, Texas in partnership with alternative investment manager JCR Capital. They are currently implementing a $500,000 renovation at that property too.
