CA Senior Living Acquires TX Senior Housing Portfolio
- Nov 22, 2017
Chicago-based CA Senior Living LLC has acquired three senior housing communities in the Dallas suburbs of Denton, Plano and McKinney, Tex.
An affiliate of CA Senior Living, the senior housing investment and development division of Chicago-based CA Ventures, purchased the trio of properties from the Dallas-based developer, SRP Medical. The current manager, Integral Senior Living of Carlsbad, Calif., will continue to manage the portfolio of properties.
The three acquired senior housing communities are The Village Assisted Living and Memory Care, a 107-unit community at 1919 Brinker Rd., Denton; The Village at Mapleshade, a 92-unit community at 3670 Mapleshade Ln., Plano; and The Village at Stonebridge, a 107-unit community at 3300 S. Stonebridge Dr., McKinney. The properties opened in the autumn seasons of 2016, 2015 and 2014 respectively.
CA Senior Living had to surmount two primary challenges to complete the acquisitions. “The first was understanding and quantifying the supply growth in the market, and underwriting the deal for risk-adjusted returns,” CA Senior Living president Ben Burke told MHN. “The second challenge was a very competitive bidding process, from multiple sophisticated [would-be] purchasers.”
The assisted living residences feature the following features and finishes: kitchenettes with granite countertops and full-size, stainless steel refrigerators, expansive bathrooms with walk-in showers, individually-controlled thermostats, walk-in closets and private balconies or patios in select units. Among the common-area amenities of the properties are bar and lounge, private dining room for entertaining, theater/media room, card and game room, art studio and craft workshop, salon and Internet café and bistro.
The McKinney and Denton properties provide supportive memory care activities for residents with Alzheimer’s and other forms of dementia. Among the programs offered are guided outdoor exploration and daily life activities spurring resident engagement.
“The level of amenities and personalized care provided at these communities is in line with the rest of our portfolio, whose growth has been driven in part by our relationships with leading operators like Integral “Senior Living,” Burke commented.
“Whether we acquire an existing community or develop a new one, we ensure that we consistently deliver on the high standards of service that differentiate a CA property from others in the market.”
Historically high prices
These three communities have demonstrated strong leasing activity. That strength was among the array of attractive qualities appealing to CA Senior Living as it sought acquisition opportunities in the DFW Metroplex, Burke added. “Even as new supply is added, the long-term outlook for the sector is strong as rising single-family home prices, now at an all-time high in the Dallas area, prompt many seniors to sell,” he remarked.
“These communities are designed with large residences and a host of common amenities that attract a broad spectrum of residents seeking top-notch independent and assisted living options as they leave homeownership behind.”