SenQuest Snaps Up 180-Unit Independent Living Community in Texas
- Aug 02, 2013
SenQuest is planning to invest $100 million in acquisitions this year and the company, the seniors housing division of Titan Real Estate Investment Group Inc., just shelled out some of those funds on the purchase of Waldenbrooke Estates in Bryan, Texas, approximately 90 miles south of Waco. SenQuest bought the 180-unit luxury independent living community from WSL Waldenbrooke Investors V L.P., an entity involving Walton Street Capital.
With the focus on seniors housing growing as the Baby Boomer generation ages, asset acquisition activities are becoming more heated for prime properties in many a market across the country.
“Competition is strong; there are a greater number of companies trying to get into the senior living business,” Douglas Allen, managing partner, Titan/SenQuest, told Commercial Property Executive. “Titan/SenQuest’s acquisition criteria are very specific and property valuations need to fulfill these expectations.”
In today’s competitive investment sales climate, it’s good to have friends, especially when vying against other, eager buyers. “Titan SenQuest has a relationship with the seller [of Waldenbrooke Estates] and has done other transactions together,” Allen added.
Developed in 1985 and recently updated through a $260,000 capital improvement program, Waldenbrooke Estates occupies nearly six acres at 2410 Memorial Dr., just a few blocks from St. Joseph Regional Health Center and within close proximity of Texas A&M University. The community consists of approximately 164,200 rentable square feet in four three-story structures.
SenQuest still has more money to spend on acquisitions this year. “The Midwest, South and Southwest are of primary focus,” Allen added.
And SenQuest will continue to target high-quality properties that appeal to seniors who, in their golden years, wish to maintain the lifestyle to which they have grown accustomed. As Allen concluded, “It’s a growth market and as the population continues to age, there are exciting opportunities to continue to enrich the quality of life for our seniors.”