Compatriot Capital Takes Stake in Silverstone Senior Living
The two firms were working on three Washington, D.C. senior housing projects before the equity interest acquisition.
Compatriot Capital and Silverstone Senior Living will be working together on a more significant level. Compatriot Capital acquired an equity interest in the senior housing development company, but the details of the transaction were not disclosed.
Denny Alberts, founder & co-CEO of Silverstone Senior Living, said in prepared remarks that the partnership will help Silverstone grow its platform to meet the strong demand for senior housing, which should help toward establishing the firm as a major player in the sector.
“Silverstone plans to continue growth in the Eastern U.S. and the South, although does not plan to go national,” Alberts told MHN. “We are well positioned to meet the coming demand for senior housing by expanding in our markets of choice.”
The development firm was founded in 2012 but has since built up a development portfolio that’s valued at more than $1 billion. Silverstone primarily develops high-quality senior housing communities that offer units with independent living, assisted living and memory care services in Texas, Florida and other mid-Atlantic states.
Building a strong partnership
Prior to its equity interest acquisition, Compatriot Capital had already been Silverstone’s largest limited joint venture partner. The companies are working on several projects together in the Washington, D.C., area, which are currently in various stages of development. The joint venture has already started construction on the mixed-use development The Trillium in Tysons, Va. and is in the pre-development phase for both The Pinnacle in North Bethesda, Md., and Riviera at The Landing in Alexandria, Va.
On its own, Silverstone recently opened The Providence, a 154-unit assisted living and memory care facility in Fairfax, Va. While the developer initially invested in projects in Texas and Florida, Silverstone later entered the Washington, D.C., market in 2015 and expanded to surrounding cities in 2016. Now, Silverstone is working on plans for the second phase of investing into the market, which includes project sites in Northern Virginia and Montgomery County, Md.