South Bay Partners, Ltd., along with its joint venture partner, Integrated Real Estate Group, have contracted to purchase land for developing a $9 million memory care community in San Antonio, Tex.
The two companies, both based in Dallas, announced their intentions to break ground in late 2011 on a 67-bed community, which will be the first of two senior living properties South Bay has slated for development in San Antonio. They are also planning a campus that will offer assisting living, memory care, and skilled nursing senior services. IREG will provide specialized construction services for both projects.
“It’s clear that there is a booming market for senior housing and healthcare in San Antonio—and across Texas—due to an aging population and the growing migration of retirees to our state,” said Craig W. Spaulding, founder of South Bay Partners, in a statement. “We see a need for communities dedicated solely to memory care—primarily for Alzheimer’s patients. This project is a response to fill that niche.”
South Bay and IREG have developed many similar senior housing and healthcare projects across Texas, including other campuses that combine independent living, assisted living, skilled nursing, and Alzheimer’s facilities.
Despite the downturn in commercial real estate, each company has made significant forays into the senior housing realm. South Bay has completed more than 60 senior housing communities nationwide, with investments of more than $560 million, and $80 million more in various stages of development. IREG has built more than 60 communities with cumulative costs of more than $1 billion, many in conjunction with South Bay.
“We see great potential for San Antonio,” said Richard E. Simmons, founder of Integrated Real Estate Group. “As demand grows, we will continue to develop more senior care properties in this market—with services designed for the needs of each area. We share a long and successful track record of accomplishment with South Bay Partners.”
Written by Alyssa Gerace