Caddis Continues Expansion into Houston Market
October 31, 2012 DALLAS, TX – Less than two years ago, Caddis Partners, LLC, a Dallas-based healthcare real estate development and investment company, had no presence in the Houston market.
Following the addition of a new management contract, acquisitions in May and August, and a development project closed in September, the firm today owns or manages six assets totaling 267,856 rentable square feet in the greater Houston metro area.
“Initially, our workload was concentrated heavily within the Dallas-Fort Worth Metroplex,” CEO Jason Signor said. “But we’ve always had an eye on expanding into the Houston market. Not long ago, we made it a strategic goal of the company to grow our footprint in Houston, and our acquisition and development activity over the past year puts us well on our way.”
Houston boasts the largest medical complex in the world, the Texas Medical Center, and is home to world-renowned health systems and research institutions such as Memorial Hermann and MD Anderson. In addition to a strong medical market, Houston enjoys some of the lowest unemployment rates in the nation as well as above-average population and job growth.
“Houston is a great market and is a natural ‘next step’ for us,” Signor said. “We will continue to leverage our in-house capabilities and focus on expanding all of our platforms – acquisitions, development, leasing and management—into Houston.”
Memory Care Development Breaks Ground
In late September, Caddis Partners closed interim construction financing on a standalone memory care facility in Conroe. Located in the heart of the Interstate 45 growth corridor north of Houston, Caddis Partners’ Conroe memory care project will be a 40-unit / 50-bed, 32,557 square feet community uniquely designed for seniors dealing with Alzheimer’s disease and other forms of dementia.
The community is located near the 360-bed Conroe Regional Medical Center and is adjacent to Caddis Partners’ recently completed development for Lone Star Family Health Center. The facility will be managed by Good Neighbor Care, a firm that has specialized in the management of senior living communities across the country for over two decades.
Galier | Tolson | French is serving as the project architect, and MAPP Construction is providing general contracting services. Caddis anticipates that the community will be open and operational by late summer 2013.
“Good Neighbor has been an excellent operational partner,” Signor said. “We look forward to developing additional high-quality facilities in those areas that are currently undersupplied for memory care and assisted living services.”