NEW YORK, June 01, 2016 (GLOBE NEWSWIRE) — Greystone Real Estate Advisors today announced it has closed the $210 million sale of an 8-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Company sold the properties to a private company, Cardinal Bay, based in Texas, on May 26. Greystone represented the seller in the transaction.
|Property Name||Location||# of Units||Type of Facility|
|Village on the Park||Oklahoma City, OK||188||IL/AL/MC|
|Carriage Inn||Bryan, TX||90||IL/AL|
|Carriage Inn||Conroe, TX||91||IL|
|Village on the Park||Friendswood, TX||158||IL|
|Village on the Park||Houston, TX||183||IL/AL/MC|
|Carriage Inn||Huntsville, TX||81||IL/AL|
|Carriage Inn||Katy, TX||146||IL/AL/MC|
|Carriage Inn||Lake Jackson, TX||102||IL/AL|
The portfolio of properties includes 1,039 units total built between 1989 and 2000:
“Cardinal Bay’s long term investment strategy was an ideal fit for this transaction,” said Cody Tremper, a Managing Director of Greystone Real Estate Advisors, who led the sale. “Cardinal Bay, being based in Texas, thoroughly understood the opportunities offered by the local Texas markets.”
“We are pleased that Greystone was able to connect us with a high-quality buyer in Cardinal Bay, who understood the local markets and recognized the value in leaving the current operator, Retirement Center Management, in place,” said Brian Mutchler of Harrison Street Real Estate Capital.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.
About Greystone Real Estate Advisors, Inc.
Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing as well as affordable and multifamily properties. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
About Harrison Street Real Estate Capital
Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its affiliates, has approximately $10.6 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the Education, Healthcare and Storage segments of the US real estate market. Since inception, the Firm has acquired or developed over 600 properties in 40 states including over 110,000 student housing beds, more than 17,800 senior housing units, over 6.5 million square feet of medical office space, and more than 103,400 self-storage units.
About Bridgewood Property Company
Bridgewood Property Company is a premier developer of high-quality, culturally enriched senior living communities. With 30 years of experience in commercial real estate development and over a decade focused exclusively on senior living communities, principals James Gray and John Wachob have developed over 3,000 independent, assisted living, and Memory Care living units, representing more than $750 million in asset value. Bridgewood Property Company is based in Houston, Texas and privately held.
About Retirement Center Management
Retirement Center Management (RCM) provides culturally enriched senior living communities in Texas and Oklahoma. With 30 years of experience in commercial real estate development and over a decade focused exclusively on senior living communities, the management team has developed and managed more than 3500 independent, assisted living, and Memory Care living units, representing in excess of $625 million in asset value. RCM property brands include Carriage Inn, Village on the Park, and The Village branded communities targeted to potential residents in their surrounding communities. RCM is based in Houston, Texas and privately held.
CONTACT: PRESS CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@Greyco.com