Washington, D.C.-based Capitol Seniors Housing recently purchased two Texas independent living communities from Franklin Development Co. for an undisclosed amount in a transaction brokered by Marcus & Millichap Real Estate Investment Services.
The two properties are Franklin Park Canyon Creek in Plano, Tex. and Franklin Park Hometown in North Richland Hills, Tex., both developed by the seller.
Franklin Development Co. was represented by Doug O’Toole, a vice president of investments at Marcus & Millichap, along with associate Rod Llanos, both out of the firm’s Houston office.
“Independent living assets, which recorded the sharpest decrease in occupancy during the recession, are benefitting from the improving economy and housing market and are posting healthy gains,” says O’Toole. “Occupancy in independent living facilities should surpass the rate at assisted living properties by year end as multifamily demand remains strong.”
Indeed, freestanding independent living is winning the race to regain lost occupancy and is currently at 87.7%, beating the pace of assisted living and continuing care retirement communities, according to data from the National Investment Center for the Seniors Housing & Care Industry (NIC).
Franklin Park Canyon Creek was built in 2009 on 14.45 acres and offers one-, two-, and three-bedroom suites. The community amenities include covered parking, garages, elevator access, Internet and cable connections, and a 35,000-square-foot clubhouse.
Franklin Park Hometown was built in 2007 on 7.4 acres and offers one- and two-bedroom suites, with amenities that include covered parking and garages, elevator access, and Internet and cable connections along with fully-equipped kitchens and full-size washer/dryer connections.
Written by Alyssa Gerace