X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ABILENE, TX-A Midwest company has entered the market with the off-market acquisition of the 123-unit University Place, an independent living seniors’ project. The stabilized asset’s cash flow and upside underwrote the $9.46-million trade.

“The cash flow looked fine so we went down to take a look at it,” Ryan Housekeeper, director of acquisitions for Ann Arbor, MI-based Christopher Place Senior Communities, says about the 98%-leased asset at 1250 E. North 10th St. “We’re looking all over the country for good properties to pay a strong dividend rate to our investors and this property is doing just that.”

Housekeeper tells GlobeSt.com that Bruce Davis of Abilene sold the 23-year-old asset because he was ready to retire from real estate. Christopher Place learned of the complex’s availability through Gary Avery of the Avery Co. in Los Angeles, who ultimately brokered the deal.

Davis had renovated the foyer during his three-year ownership, according to Housekeeper, who adds units will be upgraded as they turn over. “We’ll put in capital reserves to do improvements as we go but there’s no deferred maintenance that really needs to be done,” he says.

The 4.6-acre University Place has studios and one- and two-bedroom units ranging from 371 sf to 881 sf. Rent averages 92 cents per sf. Christopher Street will lease and manage the holding.

Christopher Street is looking nationwide for independent and assisted living assets that are stable, or close to being so, Housekeeper says. He acknowledges that there could be more acquisitions in Texas as time goes on, but nothing is currently in the pipeline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.