Caddis expands its presence in Texas with acquisition of Longview residence
The healthcare real estate firm recently closed on Heartis Longview, a 74-unit assisted living and memory care community in the eastern part of the state
LONGVIEW and DALLAS, Texas, Aug. 12, 2015 – Since 2010, Caddis, a national healthcare real estate firm headquartered in Dallas, has been developing and opening senior living communities throughout Texas in markets including Amarillo, Dallas/Fort Worth, Houston, San Antonio and Waco. Now with the recent acquisition of Heartis Longview, the firm has ventured to the eastern region of the state.
Caddis recently acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the major East Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the 2014-vintage community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a senior living operator headquartered in Portland, Ore., assumed management duties upon closing with no major changes in local staffing or leadership.
“Heartis Longview fits with Caddis’ ongoing practice of acquiring and developing communities that meet our high standards for the Heartis senior living brand,” says Caddis CEO Jason Signor. “This is a beautiful, newly constructed residence for seniors with high quality amenities and near-stabilized occupancy. It’s a complimentary addition to the existing Heartis portfolio.”
“This acquisition gives Caddis and Heartis a presence in East Texas and broadens our reach across the state,” says Matt Mattox, Caddis Executive Vice President and Partner. “This is Caddis’ fifth community with Frontier as our management partner and the transition to their operating platform was seamlessly executed. We are confident Frontier will further the community’s outstanding reputation which the incumbent team earned by providing excellent care within a vibrant and attractive residential setting.”
“Heartis Longview is in a prime area of Longview with good demographics, a large senior population and strong home prices,” says Barrett Freeman, Caddis Director of Acquisitions. “The property is located in a beautiful, serene residential neighborhood and is set along a large, private pond that provides views residents can enjoy from the dining room and other common areas, in addition to many of the resident rooms. In today’s competitive senior housing acquisitions market, we were pleased to close on this attractive, Class A property which fits perfectly into our Heartis brand and also meets our investment objectives.”
The Heartis Longview assisted living apartments feature a spacious design, large kitchenettes and individually controlled thermostats, and are pre-wired for high-speed Internet.
The community offers a wide variety of amenities and special features, including gourmet, chef-prepared meals; a waterfront outdoor terrace, waterfront community dining room and spacious game room with a waterfront view; a Majestic Theater; private dining room; beauty salon and barber shop; daily specialized activities; licensed 24-hour nursing services; 24-hour emergency call system; housekeeping and laundry services; a postal kiosk; resident parking; and high quality finishes.
The broker for the project was Mike Pardoll, a Senior Housing Specialist with the Charlotte, N.C., office of Marcus & Millichap.
About Frontier Management
Founded in 2000, Frontier Management has over 14 years of experience in successfully managing and developing senior living communities. Currently, Frontier operates 55 communities in 10 states throughout the United States. For more information about Frontier Management, visit www.frontiermgmt.com.
Caddis, a national healthcare real estate firm based in Dallas, launched the Heartis senior living brand in early 2013 to reflect its mission of helping seniors live life to the fullest. In addition to the Longview residence, Caddis is currently developing or has opened Heartis communities in the Texas cities of Arlington, Conroe, Fort Worth, Cleburne, Clear Lake, Cypress, Amarillo, San Antonio and Waco, and in Peoria, Ill. Heartis communities provide high-quality, high-value services, programming and amenities; on-site personalized support; and inviting, caring home-like environments. For more information, please visit www.Heartis.com.
Caddis Partners, LLC is a national real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired nearly two million square feet of medical assets valued in excess of $500 million.