Dallas, TX – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Appletree Court, a 112-unit assisted living community located in Richardson, Texas, fifteen miles north of downtown Dallas.
A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living, in the transaction. The property was acquired by Winterpast Capital Partners, a senior housing investor with a captive operator platform called Vitality Senior Living. Marcus Investments partnered with Winterpast Capital Partners for this investment while Cushman & Wakefield arranged the acquisition financing with a regional lender.
Appletree Court opened in 1999 and has enjoyed a strong local reputation in Richardson and the rapidly expanding DFW Metroplex. The standalone assisted living community has fully recovered from the pandemic and today is back to 90% occupancy. The buyer plans to convert a portion of the building to secure memory care to enhance resident retention and the property’s marketability. Additional planned improvements to common areas and amenities will enable the community to compete with other supply in the market for years to come.
“Appletree Court is a great value-add addition for the Winterpast team as they continue to grow their portfolio,” said Dooley.
“We are pleased to have achieved a great execution for our longstanding client at the Franklin Companies,” added Wagner.
The property is a two-story brick building configured in an “8” shape that was constructed in three phases by its original developer. Two interior courtyards provide secure outdoor spaces along with ample natural light to all apartments. The established community is a neighborhood staple and is located on a high traffic thoroughfare in the residential submarket.