MULTIFAMILY MONDAY: ASSISTED ... BUILDING

A new JV between McFarlin Group and Stroud Development is ready to break ground on the first of  six assisted living/Alzheimer?s projects across Texas (hope they have enough backhoes).

McFarlin Group VP of planning and development Josh Rosen (right, with principals Matt Johnson and Dustin Pridmore— taking a stand against the tyranny of the top button) tells us all six projects will fall under the Orchard Park brand name and will be managed by Meridian Senior Living. Most will be 75 units, with a capacity for up to 100 residents and a focus on assisted living with an Alzheimer?s/ dementia component. Josh says the initial slate of projects is exclusively in Texas, typically within 30 to 60 miles of major metros. The JV?s goal is to start three to five new  Orchard Park projects each year.

The first construction project in the JV with Stroud (founded by Jim Stroud, former Capital Senior Living CEO) will be an Orchard Park community in Odessa. Other JV projects will break ground in coming quarters in Georgetown (rendered), Kyle, and Victory Lakes in League City. Marco DePalma will oversee all construction. Josh says the markets were selected because existing product is outdated, and there's significant unmet demand. Plus, newer communities can offer more amenities such as slightly larger units. The first Orchard Park (not part of this JV) opened recently in McKinney; within the first two months it was 62% occupied. McFarlin has a project under construction in Kerrville and one ready to launch in Murphy.

Set to start next year (with a 2013 completion) is Orchard Park at Victory Lakes. The seniors assisted living and Alzheimer?s community will be on five acres behind the Victory Lakes Town Center in League City. It will resemble the Odessa rendering, here. Upon completion, Victory Lakes will serve 60 assisted living residents with a separate secured wing to serve 40 Alzheimer?s and dementia care residents. The 70k SF facility was designed by Bedford-based Galier, Tolson and French. Speaking of victory, Dustin (a Mavs superfan) has enjoyed giving Josh (the pre-LeBron James Heat fan) a whole heaping of grief, even weeks after the win. Now Dustin can also use Dirk?s ESPNY to torment Josh.