Tuesday, January 7, 2014

HFF closes the $71.25 million sale of The Solana at Cinco Ranch in suburban Houston, TX


The Solana at Cinco Ranch, 24001 Cinco Village Center Boulevard
 adjacent to La Centerra at Cinco Ranch and The Grand Parkway
in Cinco Ranch, Katy, TX


Ryan Maconachy
DALLAS, TX – HFF announced today that it has closed the sale of The Solana at Cinco Ranch,  a 184-unit, Class A independent, assisted living and memory care facility in Katy, Texas, an affluent and growing sister city of Houston.

               HFF marketed the property on behalf of the seller, Formation Development Group, LLC and affiliates of The Carlyle Group, Inc.  American Realty Capital purchased the facility for $71.25 million or $387,228/unit, free and clear of financing.

               Completed in 2009 and expanded in late 2013 to include the assisted living/memory care wing, The Solana at Cinco Ranch is a seniors housing facility with 126 independent living, 38 assisted living and 20 memory care units. 

Community amenities include concierge services, a signature restaurant, café, wine bar, sports bar, salon and spa, theatre, art studio, woodworking shop, fitness center, heated salt water pool, putting green and bocce ball court, and state-of-the-art emergency call system. 



Chad Lavender
The 98 percent occupied property is located at 24001 Cinco Village Center Boulevard adjacent to La Centerra at Cinco Ranch and The Grand Parkway in Cinco Ranch, a master planned community in Katy, about 25 miles west of Houston’s CBD.

According to HFF, The Solana at Cinco Ranch is one of the premier seniors housing facilities in the marketplace due to its impressive amenities and high-end finishes along with its strong historical occupancy and rental rate growth.

The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

Formation Development Group is a senior living consulting, development and investment company that combines the capabilities and capital resources of Formation Capital with the development expertise and senior living experience of the former principals of EdenCare Senior Living Services.  

American Realty Capital (ARC) is a full-service investment advisory firm sponsoring a series of investment programs with an emphasis on publicly registered non-traded real estate offerings.  The company has made a splash in the seniors housing space in 2013 and has a strong acquisition pipeline in the coming year.  The existing operator, The Arbor Company, will remain in place.   This will be the 9th community they currently operate on behalf of ARC.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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