Marcus & Millichap Arranges Sale of Senior Housing Asset
- Oct 28, 2016
Kingwood, Texas—Marcus & Millichap has arranged the sale of Rosemont of Kingwood, an assisted living and memory care facility located north of Houston. Rod Llanos, senior associate and Doug O’Toole, VP investments in the company’s The Woodlands office, represented the seller and procured the buyer. Financial terms were undisclosed.
“The facility is located within one of the highest income areas in Harris County,” said O’Toole in prepared remarks. “It’s a high-to-barrier entry market with limited vacant land.”
Situated on roughly four acres at 6450 Kings Parkway, Rosemont of Kingwood consists of 96 units and 120 beds. The 72,000-square-foot property features three distinct floor plans ranging in size from 480 to 651 square feet. Amenities include a billiard room, library, chapel and a large in-the-round gazebo with an outdoor grill area.
“Built in 1998 and renovated in 2012, the property has a historic occupancy of 90 percent or greater and received a ’Best Care Award’ from the community,” added Llanos.
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