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Valuable Independent Living Portfolio Attracts Buyer

HOUSTON—Nearly 80% of the Bridgewood portfolio units are independent living units, which are very valuable in Texas metropolitan areas.

By Lisa Brown | lisabrown | | Updated on June 08, 2016
Multifamily portfolio Village on the Park in Houston was one of the senior properties in the portfolio.
HOUSTON—An eight-property seniors housing portfolio in Texas and Oklahoma has been sold by Harrison Street Real Estate Capital and Bridgewood Property Company for $210 million. The buyer was a private company, Cardinal Bay. Greystone Real Estate Advisors represented the sellers in the transaction. Cody Tremper , a managing director of Greystone, who led the sale, tells GlobeSt.com: “Almost 80% of the Bridgewood Portfolio’s 1,039 units are independent living units. Independent living units are very valuable in the Texas metropolitan areas, as the majority of recent construction in these MSAs have been in the assisted living or memory care segments. Cardinal Bay, being based in Texas, thoroughly understood this valuable opportunity.” The portfolio of properties includes a total of 1,039 units built between 1989 and 2000: Carriage Inn in Bryan, TX  with 90 units, Carriage Inn in Conroe, TX  with 91 units, Village on the Park in Friendswood, TX with 158 units, Village on the Park in Houston, TX with 183 units, Carriage Inn in Huntsville, TX with 81 units, Carriage Inn in Katy, TX with 146 units and Carriage Inn in Lake Jackson, TX with 102 units. “Cardinal Bay’s long-term investment strategy was an ideal fit for this transaction,” said Tremper. The Greystone Real Estate Advisors team has experience the disposition and acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities. “We are pleased that Greystone was able to connect us with a high-quality buyer in Cardinal Bay, which understood the local markets and recognized the value in leaving the current operator, Retirement Center Management , in place,” said Brian Mutchler of Harrison Street Real Estate Capital.  

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