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Bridgewood Plans Fall Start for $35M Seniors Facility Construction

HOUSTON-Bridgewood Corp., tackling the first project in its homeport, will raze a 145-bed assisted living facility--closed four years ago--and build out the three acres at 1600 Augusta Dr. with a 200-unit development for active seniors.

By Jennifer Brenner Andrade | Updated on June 07, 2004

HOUSTON-A seniors’ housing developer is planning to spend $35 million to raze a 145-bed assisted living facility, closed four years ago, and redevelop the three-acre tract in the Galleria with a 200-unit facility for active senior citizens.

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.

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