American Realty Capital has completed the acquisition of a Class A senior housing community in Katy, Texas, purchased for $71.25 million from Formation Development Group, LLC and affiliates of The Carlyle Group.
HFF marketed The Solana at Cinco Ranch, a 184-unit independent living, assisted living, and memory care community, on behalf of the sellers. The property was built in 2009 and expanded in late 2013 to include the assisted living and memory care wing.
The Solana at Cinco Ranch has 127 independent living units, 38 assisted living units, and 20 memory care units. Community amenities include concierge services, a signature restaurant, café, wine bar, sports bar, salon and spa, theatre, art studio, woodworking shop, fitness center, heated salt water pool, putting green and bocce ball court, and emergency call system.
Currently 98% occupied, The Solana is located adjacent to La Centerra at Cinco Ranch and The Grand Parkway in Cinco Ranch, a master-planned community in Katy around 25 miles west of Houston.
The Solana will continue to be managed by the existing operator, The Arbor Company.
HFF’s managing director Ryan Maconachy and director Chad Lavendar led the transaction, which closed Tuesday.
Written by Alyssa Gerace