August 1, 2019
Sale of Twin Rivers Assisted Living & Memory Care in Texas
ESI sold Twin Rivers Assisted Living & Memory Care, an 83-unit Assisted Living & Memory Care community in Richardson, Texas.
Opening in March of 2017, Twin Rivers is a masterfully constructed Class A community that offers assisted living & memory care with a first-class luxury experience. The facility features modern amenities such as a bistro lounge, movie theater, and an outdoor courtyard. The Class A nature of the facility allowed it to reach 94% occupancy at the time of market exposure. The pricing terms of this transaction were commensurate with a Class A facility (capitalization rate, price per unit, etc.)
Twin Rivers primary market area is anticipated to experience exceedingly strong growth in the 75+ age demographic, the prime age demographic for assisted living & memory care communities. Over the next five years that segment is projected to grow by 26%.
ESI represented the seller, a private equity firm, in the transaction. Jeremy Stroiman, Chief Executive Officer of ESI, commented “Twin Rivers presented an exciting opportunity for a sophisticated investor to leverage their expertise to bring even stronger returns to the now stabilized asset.”
The buyer, an Illinois based private equity firm, will bring in a national operator to manage the facility.