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| 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 |
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| 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.
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| 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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