Greystone Real Estate Advisors 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.
The portfolio of properties includes 1,039 units total built between 1989 and 2000:
|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|
“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.