Multifamily Monday: Frisco Parcel Sold
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|If anti-aging balms ever start to literally work, it'll be a huge blow to real estate. Archangel has seven seniors housing projects in various stages across the Southwest, and president Joe Geer tells us the firm’s $45M Timber Springs in Nacogdoches broke ground with half of its seniors apartments and cottages already pre-leased.|
|Joe (whom we snapped at his West End office) says his firm focuses on acquiring existing projects with cash flow and doesground-up development when it makes sense. With seniors housing, the enterprise is less of a real estate play and more of an operating business centered on the health, wellness, and nutritional needs of residents. Joe says the Nacogdoches (go SFA Lumberjacks!) project was brought to him by the architect in January 2009 when the previous developer met with a difficult market. “We essentially started from scratch to develop a plan that was financeable in this market while keeping true to the integrity of the original vision of Timber Springs," he tells us. Archangel was able toreduce the original budget by $14M; the seniors apartment portion of the project is being funded by a HUD 221d4 loan.|
|Timber Springs (above) will occupy 26 acres on a 44-acre tract with20 executive-style patio homes, 146 seniors apartment units, a stand-alone restaurant, a health/wellness center, assisted living, dementia/memory care, and a skilled-nursing facility. The homes and apartments will be ready Feb. 2012. Joe says 12 of 20 homes are spoken for, as are 81 of the 146 apartments. All of the properties will be rental, he adds, because that make it easier for seniors to move in (they don’t have to sell off their assets). Other sites on the Archangel's radar: DFW, San Antonio, Austin, and El Paso.|