Bain Capital Real Estate has teamed up with Capitol Seniors Housing to purchase NorthStar Georgetown, a 210-unit senior housing community in Georgetown, Texas. Public records show that Walker Real Estate and Chalk Hill Ventures sold the 2021-built property.
The new owners secured a $41.8 million acquisition loan originated by KKR Real Estate Finance Trust, according to Williamson County records. The note carries a variable interest rate.
Located on more than 11 acres at 2401 Westinghouse Road, the age-restricted community includes one- and two-bedroom units, with floorplans ranging between 673 square feet to 1,632 square feet. The 298,800-square-foot property designed by Pi Architects caters to residents age 55 and over.
READ ALSO: Inside the Senior Housing Debt Market
Community amenities include a swimming pool surrounded by a sundeck, a fitness center, a spa, a two-story clubhouse, a media center and theatre room, a coffee and wine bar, grilling areas, outdoor dining areas, a firepit with seating options, pickleball and bocce ball courts along with a pet park.
NorthStar Georgetown is less than 3 miles away from Teravista Golf Club and within 2 miles of Seton Medical Center Williamson. Downtown Austin is 26 miles away.
Besides recently built communities, Bain Capital Real Estate is also interested in value-add plays. At the end of 2020, the company formed a joint venture with Magnolia Capital to spend more than $900 million on garden-style, middle-income apartment communities built between 1975 and 2000 in primary and secondary Sun Belt markets.