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| Mirador, a continuing care retirement community, 5857 Timbergate Drive, Corpus Christi, TX |
CORPUS CHRISTI, TX, May 8, 2019 — Cushman & Wakefield has negotiated
the sale of Mirador,
an upscale, 228-unit continuing care retirement community in South Texas.
The Tampa, Florida-based Cushman & Wakefield Senior
Housing team of Allen McMurtry, Paul Carr and David Kliewer represented an affiliate of
Addison, Texas-based Senior Quality Lifestyles Corporation (SQLC) in
the disposition.
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| Allen McMurtry |
An affiliate of Methodist Retirement Communities (MRC), based
in The Woodlands, Texas, acquired the asset for $20.35 million ($89,254 per
unit).
Mirador
was developed in 2011 and comprises three interconnected buildings totaling
±271,455 square feet of living, dining and common space.
The Class A facility
offers a full continuum of care ranging from independent living, assisted
living, memory care and skilled nursing.
Mirador
houses 125 independent living apartments, 44 assisted living units, 18 memory
care units and 41 skilled nursing units. The average independent living unit at
Mirador is 1,013 square feet. The property was 82% occupied at the time of
sale.
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| Paul Carr |
Throughout the sale process, the lifestyle of Mirador’s
residents was not impacted.
Moving forward, they will continue to receive the
same high level of care and services that they are accustomed to.
As part of
the sale, the buyer will honor the obligations of the resident life care
contracts.
Mirador is located on a ±17.0-acre site at 5857 Timbergate Drive in Corpus Christi.
The
campus is efficiently designed with convenient access to common area amenities
and parking for residents and families.
Mirador’s
independent living apartments feature wood cabinets, granite countertops,
stainless steel appliances, large windows and high ceilings. The community also
boasts above-market finishes in assisted living and memory care units and
market-leading common areas and dining venues.
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| David Kliewer |
“The property features an exceptional physical
plant, upside potential, a market-leading amenity package and the opportunity for
future expansion.”
“Our sale process created a competitive bidding environment
that ultimately identified MRC as the highest and best bidder,” added Carr.
“The sale to MRC represents a tremendous outcome for all parties involved.”
CONTACT:
David A. Meyer
Meyer Media
+ 1 407 489 7488
david@meyer.media
Meyer Media
+ 1 407 489 7488
david@meyer.media
or follow @CushWake on Twitter.
