This project is the development of a 43-bed Alzheimer’s facility located on the hard corner of Dutch Branch Road and Harris Parkway in Fort Worth, TX. This location fits right into the community between Bryant Irvin Road to the west and the Hulen Bend Estates and Park Palisades subdivisions of single family residences on the east. The average list price of single family residences in these neighborhoods is roughly $210,000. Southwest Fort Worth has become a very prestigious community that can support an upper-middle class demographic because the area is strategically located with so many connections to downtown and surrounding areas.
This project was begun in October of 2008, was completed in October of 2010, and is currently in lease-up.
We were attracted to this project due to the strong track record of our partner, The Lasalle Group. LaSalle develops, builds and manages specialized assisted living facilities for people with Alzheimer’s disease and other forms of memory impairment, and is solely focused on this niche. LaSalle’s track record has provided for consistent success with Alzheimer’s properties, maintaining occupancy levels close to 90 percent for all stabilized properties. LaSalle believes they will produce a 15% – 20% IRR for the investors in this property.
This, the first memory care facility investment sponsored by Silverado, was developed in a highly favorable supply/demand market. Specific to this project, Cityview had an actual supply of 261 beds with a total projected need by LaSalle of 824 beds. This translated to the market being underserved by more than a three to one ratio and provided for an attractive investment opportunity.