South Texas Senior Living Campus Changes Hands

The 228-unit continuing care retirement community commanded $20.4 million. Cushman & Wakefield negotiated the deal on behalf of the seller, Senior Quality Lifestyles Corp.
Mirador
Mirador. Image courtesy of Cushman & Wakefield

An affiliate of Methodist Retirement Communities has acquired Mirador, a luxury, 228-unit continuing care retirement community in Corpus Christi, Texas, for $20.4 million. Cushman & Wakefield has assisted the seller, an affiliate of Senior Quality Lifestyles Corp., in the disposition. The property was 82 percent occupied at the time of sale.

Located at 5857 Timbergate Drive, 12 miles south of downtown Corpus Christi, the property is close to Interstate 37, while Corpus Christi International Airport is within a 20-minute drive. Built in 2011 on a 17-acre site, Mirador consists of three interconnected buildings totaling approximately 271,455 square feet.

The Class A facility houses 125 independent living apartments, 44 assisted living units, 18 memory care units and 41 skilled nursing units. The independent living unit has an average size of 1,013 square feet and features granite countertops, stainless steel appliances, large windows and high ceilings. Common-area amenities feature a beauty salon, coffee shop, spa and pool. The residents also benefit from various organized activities, as well as from health services and financial guidance.

The Cushman & Wakefield Senior Housing team that represented the seller consisted of Executive Managing Director Allen McMurtry, along with Senior Directors Paul Carr and David Kliewer. 

In April, two luxury senior living communities totaling 335 units also traded in San Antonio. The new owner unified and rebranded the assets as Discovery Village at Dominion, the fifth property of its kind in Texas.