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THE WOODLANDS, TX-In a first-time joint venture, Bridgewood Property Co. LP and Harrison Street Real Estate Capital have launched construction on the 207-unit Village at The Woodlands Waterway. The project itself is also a first: it’s the first senior housing community in this area, located about an hour north of Houston.

The development is at 2323 Lake Robbins Dr., and will be completed in 2011. Village at The Woodlands will offer studios and one- and two-bedroom units with the breakdown being 63 assisted-living units, 28 memory care units and 116 independent-living units.

“There was one site available for senior housing there, and we felt fortunate that Jim Gray , our partner, was chosen as the developer,” comments Christopher N. Merrill with Chicago-based Harrison Street. He tells GlobeSt.com that the appeal of The Woodlands is its high barrier to entry for similar product of the type. Another appeal is the location at the Waterway in The Woodlands Town Center.

Merrill says it’s likely Bridgewood Property and Harrison Street will partner again on other projects, but nothing at this time is in the pipeline. In the meantime, he continues, Harrison Street is gearing up to close on a Houston-area investment. He declined to mention any details, only saying it involved a self-storage portfolio.

“Our focus, since we started, has been on education, health care and self-storage,” Merrill explains. “We wanted to be the firm that stayed away from cyclical assets, and as a result, we’ve been very active this year. Lenders like those asset classes, they seem to like our firm, with its track record, and they like our operating partners.”

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