Greystone Oversees Sale of Memory Care Portfolio
- Dec 23, 2016
New York—Greystone Real Estate Advisors has facilitated the sale of a four-property portfolio of memory care communities in Texas for an unspecified price. A private investor purchased the seniors housing properties from US Memory Care, with Greystone’s Cody Tremper and Mike Garbers represented the seller in the transaction.
The four communities, each with 70 memory care units and 75 beds, are in various parts of the state: Cedar Park (metro Austin), Colleyville (metro Fort Worth), Plano (metro Dallas) and Houston. The properties in the portfolio are fairly new, all constructed between 2013 and 2015.
Each community features about 60,000 square feet on roughly 4.7 total acres. Silverado will take over management of the Cedar Park, Houston, and Plano communities, while Sagora Senior Living will operate the Colleyville property.
Sagora Senior Living is a Fort Worth-based company operating 26 communities in four states, including Florida, Alabama, Oklahoma and Texas. Sagora operates newly constructed and acquired communities specializing in independent living, assisted living, respite and memory care.
Silverado is a provider of home care, memory care assisted living and hospice services. With 52 locations, the company delivers care across seven states, including Arizona, California, Illinois, Texas, Utah, Washington and Wisconsin.