Cushman & Wakefield announced today that the real estate services firm has arranged the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care (AL/MC) community located in Round Rock, Texas, twenty miles north of downtown Austin.
A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living and their institutional capital partner, in the transaction. The property was acquired by Inspired Healthcare Capital, a senior housing investor with a captive operator called Volante Senior Living, who will manage the community going forward.
The community opened in 2017 as a ground-up development by Franklin Development Company. The assisted living and memory care community has operated at 95% occupancy for most of the last 12 months after achieving stabilization. The boutique AL/MC community is all private pay and has benefited from the tremendous growth of the Austin MSA, specifically in the Round Rock area.
“Franklin Park Round Rock has been a solid performer under the Franklin team and will be a great opportunity for Inspired Healthcare going forward,” said Dooley.
“We are pleased to have achieved a great execution for our longstanding client at the Franklin Companies along with their capital partners on this Round Rock community,” added Wagner.
The property is a single-story building configured in an irregular pentagonal shape that includes three interior courtyards and dedicated dining and amenities for both AL and MC residents. The community is located adjacent to a SNF/rehab and a local golf course in the vibrant Round Rock neighborhood.
About Franklin Park Senior Living
The Franklin Companies is an industry leading firm that specializes in the development, construction and management of high-quality senior living and multifamily residential properties. The Franklin Companies develop, own, and operate exceptional senior living communities known as “Franklin Park” properties. Levels of living may include independent living, assisted living, and memory and the highly amenitized Franklin Park communities are focused in major Texas markets. The Franklin Companies includes an affordable multifamily development and management division under the brand Artisan. https://www.franklinparkcareers.com/about-franklin-companies/
About Inspired Healthcare Capital
Inspired Healthcare Capital, LLC is an alternative investment sponsor that provides real estate investment services nationally. The Company acquires and develops senior housing facilities, including independent living, assisted living, memory care. Inspired Healthcare Capital is based in Scottsdale, Arizona. https://www.ihcfunds.com/