Appletree Court Senior Living

This value-add asset was purchased in Q4-2022, with 112 rentable units, all of them being Assisted Living (AL).  The prior owner purchased the asset in 2019 with the investment thesis of renovating AL units into Memory Care (MC) units, resulting in a continuum of care offering. COVID delayed the prior owner’s execution of this thesis and eventually led to their selling all senior housing assets in their portfolio.  

At acquisition, the asset was ~84% occupied with REVPOR well below market resulting in a cash flow just over break even.

Conversion of units into memory care (MC) is expected to be complete in early 2023.

Location: Richardson, TX (Dallas)

Project Type: Seniors Housing