Henry S. Miller, TriVest, WholeLife Reposition Ownership
- Oct 10, 2014
WholeLife Cos., Inc., an Oklahoma City-based developer of luxury, active-adult housing, has acquired the multi-family property contracts and assets of the Henry S. Miller Realty Management portfolio for an undisclosed price.
Henry S. Miller Realty Management of Dallas, which currently has a portfolio of more than 20 multi-family properties and 5,000-plus units, was created in 2012 in a merger with TriVest Residential, a multi-family asset and property management company owned by Ron Taylor.
Taylor has been named president & CEO of WholeLife Management Co., L.L.C. and will continue to manage operations and provide management services to its multi-family management portfolio. The new company will be based in Dallas.
“I am honored to have been a part of the Henry S. Miller legacy and I anticipate a seamless transition into the WholeLife family of companies,” Taylor said in a statement. “As WholeLife Management Co., L.L.C., we will be able to convert our client’s properties to a new, efficient platform without any service interruption.”
Greg Miller, president & CEO of Henry S. Miller Cos., described the deal as a “win-win-win transaction for Henry S. Miller, TriVest and WholeLife.”
John Lowery, CEO of WholeLife Cos., Inc., told Commercial Property Executive he considered several companies for the acquisition before deciding on Henry S. Miller Realty Management.
“I was looking for a company that could manage my WholeLife developments and deliver a four-star quality hotel-like environment to my residents,” he added.
Lowery said his company, founded 35 years ago, has focused mainly on seniors housing for memory-impaired residents and others in need of assisted living facilities. The WholeLife communities are luxury rentals for empty-nest baby boomers and active seniors – a growing market, he said. His communities are currently in Sunbelt states like Georgia, Florida, Tennessee, South Carolina and Texas but plans are to expand outside that region. He also plans to launch franchises next year for other developers to create WholeLife communities.
“Our goal right now is to build 100 communities over the next 10 years,” he said of the non-franchise developments. “I have 10 coming out of the ground right now.”
One of those is the $55 million WholeLife Cibolo Canyons development in San Antonio, which is being built as part of the WholeLife Traditions concept. The active-adult project consists of 154 luxury, single-level rentals with 1,500 to 2,000 square feet. The community will be designed to have the feel of a traditional American neighborhood.
The Dallas Business Journal reported this week that WholeLife and the Town of New Hope worked together to raise $212 million in tax-exempt bond financing for three Texas communities including the Cibolo Canyons project. The other two are WholeLife Craig Ranch L.L.C. with 176 apartments in 11, five-story buildings in McKinney, Texas, and WholeLife Frisco L.L.C., which will have 176 bungalows to start with in Frisco, Texas.