Senior Living Development Opens in Dallas-Fort Worth
The project marks the fourth collaboration and partnership between Journey Capital and SilverPoint.
Journey Capital and SilverPoint Senior Living opened Phase I of the Edition of Saginaw community in Saginaw, Texas. Phase II has also broken ground and is expected to deliver in the fall of 2023.
The project marks the fourth collaboration and partnership between SilverPoint and Journey Capital.
Phase I, which broke ground at the end of 2020, comprises 22 one- and two-bedroom independent living cottages. Each unit includes a garage. Community amenities include weekly house cleaning, a dog park, walking trails, a clubhouse and all utilities included.
Phase II is slated to encompass 74 assisted living and memory care units. Additional amenities will include a fitness gym, activity room, salon, coffee shop and theatre. A covered porch and outdoor areas will also be available.
Located at 824 W McLeroy Blvd., the community is some 9 miles northwest of downtown Fort Worth. A Walgreens store is 1 mile north of the property, while several other retail and dining options are available within a 1-mile radius. The Saginaw Recreation Center is less than half a mile east of the community, while Willow Creek Park is less than a mile northwest.
CEO of SilverPoint Shawn Corzine said in prepared remarks that the development will create more than 50 new jobs at the community.
Despite high material costs and labor shortages, the Dallas-Fort Worth market holds the country’s largest multifamily pipeline. A robust economy along with accelerating in-migration trends continue to boost rental demand in the region.