Greystone Real Estate Advisors Close Sale on 180-unit Seniors Housing Property in Texas
April 7, 2015
Trend of Acquisition Interest for Age-Restricted Seniors Communities Continues with Latest Allen, TX Transaction
Greystone announced its Real Estate Advisors group has closed the sale of Aspens at Twin Creeks in Allen, TX. Kayne Anderson Real Estate Advisors of Boca Raton, FL acquired the stabilized property from Cadence Capital Partners.
Built in 2011, Aspens at Twin Creeks comprises 180 age-restricted units situated on more than 10 acres. Community amenities include a business center, library, movie theater, covered patio with outdoor dining, resort-style saltwater pool and spa, and exercise facilities. Located approximately 30 miles north of Dallas, Aspens at Twin Creeks offers an excellent location and accessibility for residents.
Cody Tremper, a Managing Director of Greystone Real Estate Advisors, led the sale. “The Aspens at Twin Creeks is an age-restricted opportunity that will allow the buyer to potentially convert the property to a full-service independent living community. Available land adjacent to the property offers the potential future opportunity to add an assisted living building to create a continuum of care campus,” said Tremper.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.