By Keith Loria, Contributing Writer
Katy, Texas—American Realty Capital has acquired The Solana at Cinco Ranch, a 184-unit, Class A independent, assisted living and memory care facility in Katy, Texas, for $71.25 million from Formation Development Group, L.L.C. and affiliates of The Carlyle Group Inc.
HFF marketed the property on behalf of the seller. Currently, the property is 98 percent occupied.
Located at 24001 Cinco Village Center Blvd., The Solana at Cinco Ranch consists of 126 independent living units, 38 assisted living units and 20 memory-care units. Amenities include a restaurant, wine bar, art studio, woodworking shop, putting green and bocce ball court.
According to HFF, The Solana at Cinco Ranch is one of the premier seniors housing facilities in the marketplace due to its impressive amenities and high-end finishes along with its strong historical occupancy and rental rate growth.
Completed in 2009 and expanded in late 2013 to include the assisted living/memory care wing, The Solana at Cinco Ranch units are one- or two-bedrooms, and feature kitchens with granite countertops, designer cabinets, washer and dryers, balcony and patio options, wireless emergency call systems, private garages and carport options, high-end finishes and walk-in closets.
ARC has been busy in the seniors housing space over the last year.
The Arbor Company manages the day-to-day operations of the community and provides comprehensive on-site services to its residents. This is the ninth property that Arbor manages for ARC.
The senior housing is close to La Centerra at Cinco Ranch and The Grand Parkway in Cinco Ranch, a master planned community in Katy, about 25 miles west of Houston’s CBD.
The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.