Isle at Watermere Sells, Turtle Creek Village Listed
- Mar 26, 2012
The Isle of Watermere in Southlake – a 67-acre development – was recently sold to a Chicago-based real estate investment partnership, along with an adjacent three-acre site, for a total of $50 million, according to the Dallas Business Journal.
The property includes 66 assisted-living units and 26 memory-care units, opened in 2008, according to The Star Telegram. The developers decided to build a second healthcare-related facility on the three remaining acres instead of a planned 75 condominiums, in light of high occupancy rates and the downturn of the housing market.
According to the community’s Web site, the development also includes villa homes and condos that require residents to be at least 55 years old. The residents will be able to enjoy a 35,000-square-foot clubhouse with pool and spa, as well as a large variety of dining options. Custom Villa Homes start at $424,000 and range from 2,000 to 3,000 square feet, and the exceptional Condominium Homes start at $199,000 and range from 1,000 to 2,000 square feet.
Meanwhile, Turtle Creek Village – a 364,087-square-foot retail and office property – is on the market for the second time this year, in the wake of a foreclosure. The two-building complex was acquired in January by Lone Star Funds’ LSREF2 Clover Trust, which bought the property’s $63 million loan.
Anglo Irish Bank loaned the necessary sum for acquiring the complex. One month later, in February, the lender foreclosed on the property, according to The Dallas Morning News. CommonFund, an investment manager for foundations and pension funds, owned the real estate since 2005 and recently remodeled the largest office tower in Turtle Creek Village, according to the newspaper.
The complex includes an 18-story office tower, a six-story office building and retail space. The property was developed in 1969 as one of Dallas’ first mixed-use developments, according to the Dallas Business Journal.
Photo credits: www.watermere-at-southlake.com