Due to demand in the primary market area and the availability of additional land, ACRON’s expansion of Independent Living creates an unique Senior-Campus with 218 units on 19.51 acres which should stand out from the competition.
The Phase I property is an existing seniors housing facility currently known as “Spring Cypress Assisted Living & Memory Care”. Spring Cypress Assisted Living & Memory Care is an Assisted Living and Memory Care facility and is comprised of 80 units/87 beds, including 22 beds within a secure memory care wing. The community totals 64,128 square feet in a 2-story structure. Occupancy started to decline due to COVID-19 and restrictions on admissions. As the pandemic subsides, occupancy has been increasing again. Current occupancy is 89 percent as of December 31, 2022, excluding second persons. The facility is well located and exhibits good quality construction.
Spring Cypress Phase II is currently being developed on 13.7 acres in Cypress, Texas. Phase II will serve to supplement Spring Cypress Phase I which currently consists of Assisted Living and Memory Care. The Phase II development will consist of Independent Living units spread across cottages, hybrid homes, and apartment style units. Additionally, Phase I will receive the addition of 14 new Memory Care units on the existing Phase I building.
Images Phase I
- Type of use
- Senior Housing
- Years of Construction
- 2018, 2024
- Asset Class
- Senior Living; Independent Living, Assisted Living, Memory Care
- Located in Northwest Houston, Cypress –Fairbanks, also known as “Cy-Fair”,
once rural farm land that has grown to be one of Houston’s largest suburbs with a thriving economy, highly acclaimed private and public schools, and numerous recreational, cultural, and entertainment choices as golf clubs. Two hospitals within 10 minutes of the property.
Key Figures (in USD)
- Investment Volume
- Estimated IRR p.a.