Inspired Healthcare Capital Acquires Grapevine Senior Care Facility for $25M
01/13/2023 - Originally Published on Connect CRE News: https://www.connectcre.com/stories/inspired-health-care-acquires-grapevine-senior-care-facility-for-25m/
By: Mike Boyd
Evans Senior Investments (ESI) has arranged the sale of Dancing River, an 84-unit assisted living and memory care community in Grapevine, a suburb of Dallas that includes Dallas/Fort Worth International Airport.
An institutional private equity group sold the property to Inspired Healthcare Capital for $25 million, or $297,619 a unit. ESI represented the seller.
Built in 2010, Dancing River went from being 93 percent to 70 percent occupied during the pandemic, but census crept back up to pre-pandemic levels during the marketing process.
“With the community recently recovering occupancy back to 93 percent in just the latest month prior to marketing, the Evans Senior Investments team was able to showcase the potential upside for a new ownership group by forecasting a 5 percent rental rate increase,” says ESI’s Hank Fuller.