Foreign Investor Starts Senior Housing Spree in Houston
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SEDCO Capital, a Saudi Arabian investor, partnered up with Kensington Realty Advisors to purchase Village at The Woodlands Waterway. That 207-unit assisted living/independent living/memory care facility is just the first of many senior housing acquisitions across the country, according to the Realty News Report. SEDCO head of real estate Samer Shaaban says the asset class fits into the Islamic teachings of being Shariah compliant, or investing ethically. Bulking up on senior housing (it says it will buy "a sizable portfolio" in the US) will also diversify its portfolio, he adds. The Village at The Woodlands Waterway was delivered in '07, sits along the water and is serviced by The Woodlands Trolley. [RNR]