Marcus & Millichap Facilitates Sale of Two Texas-Based Living Facilities
- Sep 20, 2012
Houston—Marcus & Millichap Real Estate Investment Services arranged the sale of two independent living facilities in Texas to Washington, D.C.-based Capitol Seniors Housing on behalf of the seller, Franklin Development Co.
“The Franklin Park properties, developed by Franklin Development Co., a nationally recognized seniors housing builder, attracted a great deal of interest from a wide range of investors, both foreign and domestic,” Rod Llanos, an associate in Marcus & Millichap’s Houston office, said in a press statement.
The two facilities acquired by Capitol Seniors were Franklin Park Canyon Creek in Plano and Franklin Park Hometown in North Richland Hills.
“Independent living assets, which recorded the sharpest decrease in occupancy during the recession, are benefiting from the improving economy and housing market and are posting healthy gains,” Doug O’Toole, vice president investments in Marcus & Millichap’s Houston office, said. “Occupancy in independent living facilities should surpass the rate at assisted living properties by year end as multifamily demand remains strong.”
Franklin Park Canyon Creek is a senior retirement community located at 440 Independence Way in Plano and site on 14.45 acres. Built in 2009, the facility features a grand entrance and a 35,000-square-foot clubhouse.
Units are made up of one-, two- or three-bedroom suites and contain large walk-in closets and full-size patios and balconies. Community amenities include covered parking, garages, elevator access and Internet and cable connections.
The facility is 20 miles north of Dallas and just a short driving distance to both DFW International Airport and Dallas Love Field.
Franklin Park Hometown is situated on 7.4 acres at 6350 Winter Park Drive in North Richland Hills, conveniently located near shopping, hospitals and medical centers.
The units feature one- and two-bedroom suites with large walk-in closets, full-size patios and balconies, ceiling fans, fully equipped kitchens and individual HVAC.
The facility also offers covered parking and garages, elevator access and Internet and cable connections.
The terms of the portfolio sale were not released.