Greystone Real Estate Advisors announced it closed the sale of a Class A assisted living and memory care community in Forney, TX. Cornerstone Senior Living purchased Three Forks of Forney from Healthcap Partners on March 17 for $12,500,000.
Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction. Grey-stone will continue to work with Healthcap Partners to list their second senior living asset in north Houston.
Three Forks of Forney, a 60-unit, 72-bed assisted living and memory care community, is located 20 miles east of downtown Dallas. The 46,959 square foot building was constructed in 2013 and sits on 13 acres of land.
The site offers the opportunity to expand the community with additional wings of resident units to meet local demand, with Forney expected to see significant job and population growth over the next few years due to new area development. The community’s primary market area is marked by higher-than-average income levels, and the 65+ population is forecast to increase 7.7 percent per year through 2021, far outpacing the forecasted increases nationwide.
“We are excited to continue our growth through another strategic acquisition in Texas. This is the eighth facility we have acquired in the last 18 months. Our commitment to our residents and employees will continue to position us as a leader in the senior living industry,” said Greg Boemer, Cornerstone Senior Living President.