Cushman & Wakefield sold an assisted living community in Richardson, Texas (Dallas MSA). Built in 1999 and renovated in 2018, Appletree Court comprises 112 assisted living units and sits on two acres just 15 miles north of Dallas. The seller was Franklin Park Senior Living, which owns five communities around San Antonio. At the time of sale occupancy was at 90% and believed to be fully recovered from the pandemic.
Appletree Court was acquired by Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living. Marcus Investments also partnered with Winterpast Capital Partners on the investment. Winterpast plans to convert a portion of the building to a secured memory care unit to enhance resident retention and the property’s marketability. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller in this transaction. Plus, Cushman & Wakefield arranged acquisition financing from a regional lender.
