SENIOR HOUSING FACILITY CHANGES HANDS NORTH OF DALLAS
ALLEN, Texas, April 27, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Texas Star Assisted Living, an 87-unit, 95-bed assisted living and memory care community located in Allen, Texas.
“Texas Star is a state-of-the-art facility that opened in March of last year,” says Doug O’Toole, a first vice president investments in Marcus & Millichap’s office in The Woodlands. “The 65 assisted living units and the 22 memory care units were in a lease-up stage and sold to an out-of-state buyer for all cash.”
O’Toole represented the buyer, a national owner/operator of seniors housing properties. Nathan Tune of Verus Advisors - Coldwell Banker Commercial represented the seller, a local owner/developer in the Texas marketplace.
“I am excited about the continued level of care and experience that the new owner is going to bring for the residents,” adds Tune. “Texas Star will continue to be one of the best options for seniors in Allen, Texas.”
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com