Acron buys Houston senior property
Acron is investing $97.2 million in the purchase and expansion of a U.S. property.
The property is an existing and stabilized assisted living and Alzheimer's care facility in Cypress-Fairbanks, a neighborhood of Houston, Texas. Over the next two years, the property will be developed into a resort-like campus with a total of 230 residential units. In this effort, Acron is collaborating with its partners MedCore Partners and Integral Senior Living (ISL). Spring Cypress Senior Living is the fifth investment in Acron's U.S. Senior Living investment series. Acron is providing investors with an Internal Rate of Return (IRR) of 12.7 % per year until the investment closes in 2026.
The development will be a modern senior living facility with a total of 138 independent living units, 65 assisted living units and 27 memory care units on an approximately 79,400-square-foot senior campus. The project is scheduled for completion in mid-2024. The local market has a significant undersupply of senior living options totaling 951 Independent Living units by 2025, according to Acron.
The property was transferred to the Luxembourg company Acron US Real Estate Investment II S.C.S., in which professional investors can participate. (aw)
