The National Seniors Housing Group of Apartment Realty Advisors (ARA), a full-service investment advisory brokerage firm focusing exclusively on the multihousing industry, recently brokered the sale of Village of Stone Brooke, a 202 unit seniors independent living facility located in McKinney, Texas to a private partnership based in Austin, Texas. MMA Financial foreclosed on the property in 2008 and despite being located in one of the fastest growing areas in the U.S., the property never fully stabilized but has great value-add opportunity through upgrades. The buyer purchased the facility for cash.
“The buyer has plans for an extensive renovation, including the addition of a larger commercial kitchen and dining area, and a substantial marketing program in an effort to rebrand the property,” says Ed LaFrance who represented the seller. “The buyer expects that it will take 18 months to reach 90%+ occupancy and is already working on plans to enhance the signage and perception of the property in the community.”