PLANO, TX—With the continued influx of high-salaried positions throughout the metro, executive employees are relocating and often bringing another generation, i.e., parents, along in the process. This net immigration of seniors moving to be closer to adult children has created a dynamic of census growth in the market.
In order to provide supply for those transplants, senior living developments and acquisitions are quite commonplace. A recent acquisition involved three senior housing communities in Denton, Plano and McKinney.
An affiliate of CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, purchased the communities from Dallas-based SRP Medical, which also developed the properties. The portfolio will continue to be managed by Carlsbad, CA.-based Integral Senior Living.
“The Texas properties have demonstrated strong leasing activity, which made them attractive as we were looking for opportunities to enter the Dallas market,” said Ben Burke, president of CA Senior Living. “Even as new supply is added, the long-term outlook for the sector is strong as rising single-family home prices–now at an all-time high in the Dallas area–prompt many seniors to sell. These communities are designed with large residences and a host of common amenities that attract a broad spectrum of residents seeking top-notch independent and assisted living options as they leave homeownership behind.”
Completed in fall 2016, The Village Assisted Living and Memory Care is located at 1919 Brinker Rd. in Denton. It has 75 assisted-living apartments in studio, one- and two-bedroom layouts, as well as 32 studio units for residents requiring memory care.
Delivered in fall 2015, The Village at Mapleshade is located at 3670 Mapleshade Ln. in Plano. It has 92 assisted-living units in a mix of studio, one- and two-bedroom floor plans.
Opened in fall 2014, The Village at Stonebridge is located at 3300 S. Stonebridge Dr. in McKinney. It has 75 assisted-living apartments in studio, one- and two-bedroom layouts, as well as 32 memory care studios.
The residences feature kitchenettes with granite countertops and stainless steel refrigerators, spacious bathrooms with walk-in showers, individually controlled thermostats, walk-in closets, and private patios and balconies in select units. Shared amenities at each property include a bar and lounge, private dining room, theater/media room, card and game room, fitness center, art studio and craft workshop, salon, and Internet café and bistro.
“There is a large amount of employment growth in the DFW metroplex. Many of the jobs are high-paying corporate jobs and many adult children have moved their families to the region. These same families need a place for their elderly loved ones to live so they can be close to home,” Burke tells GlobeSt.com.
The Denton and McKinney communities also offer memory care activities to support residents with Alzheimer's and other forms of dementia. Programming includes guided outdoor exploration and purposeful outings as well as daily life activities that engage residents.
“The level of amenities and personalized care provided at these communities is in line with the rest of our portfolio, whose growth has been driven in part by our relationships with leading operators like Integral Senior Living,” said Burke. “Whether we acquire an existing community or develop a new one, we ensure that we consistently deliver on the high standards of service that differentiate a CA property from others in the market.”
The Texas properties expand CA Senior Living's portfolio to 14 communities currently operating or under construction totaling approximately 1,700 units. CA Ventures' international portfolio includes $6.7 billion in assets throughout the US and Latin America.
While initially focused on student housing, CA Ventures has since diversified into other sectors, including office, senior living, multifamily and hospitality. In addition to development and renovation, the firm specializes in institutional joint ventures, value-add investing, equity and debt sourcing, and asset management services. CA Ventures serves as the holding company for the CA family of companies, including CA Student Living, CA Office/Vanderbilt Partners, CA Senior Living, CA Residential, CA International, CA Hospitality and CA Asset Services.
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