Prevarian will bring development expertise and capital markets access to the partnership, while Sears Methodist will operate the expanded community. Prevarian will serve as the project’s general partner, while Sears Methodist and other equity investors will serve as limited partners.

The JV has not nailed down construction financing yet, although Crutcher says there are several conventional banks that have “expressed a strong desire” in financing the project.

Currently, Parks Methodist Retirement Village consists of 55 independent living homes, 23 assisted living units and 90 skilled nursing beds. Located on Faudree Road, the property has been open since 1986.

“The existing campus has 23 assisted living units with a three year waiting list,” Crutcher points out. “Bringing on these additional 70 units is something that is necessary because the campus does not have a true dedicated memory care unit, and that is something that is desperately needed according to the research we’ve done.”

Prevarian’s market research also indicates a high level of demand based on Odessa’s existing supply, economic growth and existing demographics of seniors and adult children who often move their aging parents closer to them. “In evaluating those two groups, we identified the need for this type of expansion,” Crutcher says.

Designed by Dallas-based Rees Associates Inc., the new buildings will include the latest in senior living amenities: a new industrial kitchen in the assisted living building, new dining hall for the independent living units and existing homes, Wi-Fi, salon/spa, exercise center, library and computer room.

Moreover, the entire campus will be renovated, according to Keith Perry, president and CEO of Sears Methodist Retirement System. The renovation project, coupled with the expansion, will create about 100 new jobs.