The locally based Bridgewood Corp. just acquired 1600 Augusta Dr., built out in 1997 as Marriott Brighton Gardens for the Bethesda, MD-based Marriott Senior Living Services Inc. The asset subsequently was sold to Prime Care One of Indianapolis, closed in 2000 and a year later turned over to the New York City-headquartered Deutsche Bank. James D. Gray, president of Bridgewood, tells GlobeSt.com that he will raze the shuttered facility and begin construction in the fall on Town Village Houston, a class A facility for the 55-year-old and over crowd.
Andy Lockwood with the Houston office of Grubb & Ellis Co. represented Bridgewood in the acquisition. Gray says he used cash to acquire the property in the Tanglewood section of the Galleria submarket and is working to obtain construction financing.
Gray says he's been looking five years for an infill site in Houston for his first project in town. The company owns three projects in Dallas, Fort Worth and Arlington.
Gray says the four-story Town Village Houston, designed with one floor of parking, will have units ranging from 650 sf to 1,200 sf. Monthly rents will range from $2,000 to $4,000. Gray says the development isn't a direct competitor with the class A condos or high-rise apartment projects being scooped up by Baby Boomers around town because he's targeting their retired parents. Cypress Senior Living, a Bridgewood-owned company, will manage the asset, featuring concierge services and heavy recreational amenities.
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