December 14, 2022
Sale of Dancing River Senior Living Community in Texas
Evans Senior Investments successfully represents the sale of Dancing River, an 84-unit assisted living and memory care community for $25,000,000 or $297,619 a unit.
Built in 2010, Dancing River is located in Grapevine, Texas, 22 miles Northwest of Dallas. The community went from being 93%+ occupied to 70% during the pandemic but throughout the transaction, census crept back up to pre-pandemic levels paving the way for a smooth transition with the incoming operator.
ESI received a number of competitive offers during the marketing process and ultimately chose a private equity company from the West Coast as the buyer.
ESI represented the seller, an institutional private equity group, in the transaction.
Hank Fuller, Senior Associate at ESI, commented: “With the community recently recovering occupancy back to 93%+ in just the latest month prior to marketing, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 5.0% rental rate increase.”