Christopher Place Earns Texas Deed for $10M

ABILENE, TX-A Midwest company has entered the market with the off-market acquisition of the 123-unit University Place, an independent living seniors’ project. The stabilized asset’s cash flow and upside underwrote the $9.46-million trade.

“The cash flow looked fine so we went down to take a look at it,” Ryan Housekeeper, director of acquisitions for Ann Arbor, MI-based Christopher Place Senior Communities, says about the 98%-leased asset at 1250 E. North 10th St. “We’re looking all over the country for good properties to pay a strong dividend rate to our investors and this property is doing just that.”

Housekeeper tells GlobeSt.com that Bruce Davis of Abilene sold the 23-year-old asset because he was ready to retire from real estate. Christopher Place learned of the complex’s availability through Gary Avery of the Avery Co. in Los Angeles, who ultimately brokered the deal.

Davis had renovated the foyer during his three-year ownership, according to Housekeeper, who adds units will be upgraded as they turn over. “We’ll put in capital reserves to do improvements as we go but there’s no deferred maintenance that really needs to be done,” he says.

The 4.6-acre University Place has studios and one- and two-bedroom units ranging from 371 sf to 881 sf. Rent averages 92 cents per sf. Christopher Street will lease and manage the holding.

Christopher Street is looking nationwide for independent and assisted living assets that are stable, or close to being so, Housekeeper says. He acknowledges that there could be more acquisitions in Texas as time goes on, but nothing is currently in the pipeline.