CORPUS CHRISTI, TX-In their first partnership, SQN Realty Finance LLC of Grapevine, TX and Atlanta-based Thrive Senior Living LLC have acquired 3.4 acres on which to build the Village at Oso Bay, a 56-unit memory care and assisted living facility. Construction will launch on the center next month, with completion scheduled for Q1 2014.
In addition to developing the property, Thrive Senior Living will manage it. Corpus Christi-based Ewing Construction Co. is the general contractor.
According to SQN principal Elizabeth Roll, the location was selected for the capital provider's first project with Thrive Senior Living because of demand and its location near the 322-bed Corpus Christi Bay Area Medical Center on South Padre Island Drive. She tells GlobeSt.com that, according to an independent third-party market study, Village at Oso Bay's primary market area is significantly underserved when it comes to dementia care beds.
"The demand in 2013 is 396 beds," Roll says. "There are only four dementia care facilities consisting of 90 beds located within the PMA." Furthermore, she goes on to say the dementia facilities within the PMA are an average of 90% occupied.
The project is SQN Realty Finance's eighth transaction to close since its formation in March 2011; the firm has contributed joint venture equity on more than $57 million of commercial real estate. Village at Oso Bay will be Thrive Senior Living's 14th property to develop or manage.
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