CLEBURNE, TX-Launching its senior living Heartis brand, Caddis Partners LLC has begun building a 96-bed assisted living and memory care unit. The development, known as Heartis Cleburne, will offer 54 assisted living units and a dedicated 35-bed memory care unit.
Heartis Cleburne is being developed on 15 acres at 902 Walter P. Holliday Dr. The site will provide room for additional development as well as easy access to US 67, a major route into and out of Cleburne, which is 30 miles south of Fort Worth.
Heartis Cleburne is also near the currently under construction Chisholm Trail Parkway which, when completed early next year, will reduce travel time between Cleburne and downtown Fort Worth. Once completed in early 2014, Good Neighbor care will manage the day-to-day operations of the facility. Austin-based Katus is the architect of record; MAPP Construction's Dallas office is the general contractor and Houston-based Amegy Bank is handling financing.
Caddis Partners, a healthcare real estate investment and development company located in Dallas, is targeting the southwestern US to build more senior-oriented centers. Bart Schaetter with Caddis Partners tells GlobeSt.com that another site in Fort Worth is under contract, with projects planned or under development in Central Texas, Houston, the Texas Panhandle and Oklahoma.
"We think the overall macro trends of an ageing population, coupled with the fact that not very much new senior housing product has come online in the last few years, make the sector compelling for us," Schaetter says. Furthermore, he goes on to say, given a new study released by the Alzheimer's Association on higher prevalence and incidence rates of the disease, "we think there will be a very real and growing need for specialized memory care services catering to those suffering from Alzheimer's and other forms of dementia," Schaetter says.
In selecting likely sites, Schaetter says Caddis Partners is seeking out areas with large, ageing populations, as well as incomes that can support private-pay facilities. Also important in the decision is the adult children population, Schaetter adds.
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