Built in 2001 with a recent 2018 renovation, Crystal Creek is located just north of downtown Dallas. This senior living community features 119 beds, offering a range of care levels, including assisted living, memory care, and long-term care. At the time of marketing, occupancy in both the senior living and skilled nursing was rapidly declining. Due to the Skilled Nursing component not being licensed to accept Medicaid, the community consistently struggled to lease up the beds with Medicare & Private Pay residents which resulted in negative operating margins.
ESI ran a confidential marketing process, targeting a select group of senior housing buyers. The outcome was several offers on the table, with Marcus Investments ultimately being selected as the buyer. Vitality Senior Living was retained by Marcus Investments to operate the community going forward.
ESI worked hand in hand with both the seller and buyer to ensure the community was positioned for renovations to begin following the close. “The buyer plans to spend over $9M renovating the community to make way for additional Assisted Living and Memory Care units.” commented Brendan DeSilvia, Director of Mergers and Acquisitions at Evans Senior Investments.