SAN ANTONIO, TX-Kisco Senior Living has entered Texas with the $17.2-million acquisition of Villa de San Antonio, a senior living community that it purchased out of bankruptcy in an all-cash transaction.

Chicago-based Franciscan Communities owned and operated the community, which is located at 8103 North Hollow. The non-profit had $36 million worth of bonds on the property, which totals 233,000 square feet and offers 138 independent living apartments and 55 assisted living apartments in a single-building, along with 24 separate cottage homes. The acquisition also included two adjacent acres for future expansion.

“Villa de San Antonio is a great fit for our portfolio in terms of size and unit mix,” says Andy Kohlberg, president and founder of the Carlsbad, CA-based Kisco Senior Living. “We like large units with nicely-done interiors.” Additionally, the project offers on-site dining.

Villa de San Antonio opened in early 2007, and its current occupancy is about 70%. Kohlberg tells GlobeSt. that his company’s portfolio averages 92%, so he expects to improve occupancy at its newest property. “We’re going to have a marketing campaign that highlights our ‘The Art of Living Well’ culture,” he says, adding that the company also plans to make some small cosmetic changes to the properties exterior including landscaping improvements.

With the acquisition of Villa de San Antonio, Kisco Senior Living owns and operates 19 senior communities in six states offering both independent and assisted living. It serves nearly 3,000 residents and their families and employs about 1,400 associates.

Kohlberg says Kisco Senior Living has targeted Texas as an area for growth. The company is focusing it expansion on Dallas/Fort Worth, Houston, Austin and San Antonio. “As part of our analysis, we found that Texas has a diverse economy with a large number of age and income qualified people, as well as a lot of adult children who might be looking to bring their parents closer to them.”