1031 Crowdfunding Buys 2 Senior Living Assets

The assisted living and memory care facilities total 109 units.

Iris Memory Care. Image via Google Street View

Online marketplace 1031 Crowdfunding has bought two senior living communities, Iris Memory Care in Dallas and Laurel Lodge in Cleveland, Ga., through its affiliate 1031 CF Properties LLC. The joint venture of Realty Capital Partners and Matteo Realty Partners sold the Dallas asset, while the Cleveland property was sold by developer Over the Hill Holdings LLC.

As 1031 Crowdfunding’s eighth senior housing DST and second this year, the portfolio represents yet another opportunity for investing in the senior housing sector, said CEO & President Edward Fernandez in prepared remarks.

The 35-unit Iris Memory Care in Dallas is an assisted living community specializing in Alzheimer’s and dementia care. Amenities include a game and activity room, a salon, courtyards, covered porches and living rooms. Located at 3611 Dickason Ave., the community is in the Turtle Creek neighborhood, some 2 miles north of downtown Dallas and 2 miles east of three of the region’s largest hospitals. Iris Senior Living will continue to manage the property.

Laurel Lodge is an assisted living and memory care facility with 74 units. Amenities include a bistro, activity rooms, a lounge, a main dining room, a private dining room and outdoor covered patios. Located at 210 Hope Drive in Cleveland, Ga., the community is in the North Georgia Mountains and close to several dining and entertainment options. Over the Top Management will remain property manager.

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