A Milwaukee firm has acquired Crystal Creek at Preston Hollow — an assisted living facility in the Preston Hollow neighborhood of Dallas.
“Marquee Capital, in partnership with Winterpast Capital Partners and Vitality Living serving as the operator, has acquired another seniors housing asset … in the affluent neighborhood of Preston Hollow,” according to a news release. “The former Crystal Creek at Preston Hollow has 120 units and will be re-branded Vitality Living of Preston Hollow.”
As part of the acquisition, more than $9 million will be spent on “a full renovation and operational turnaround,” including converting former skilled nursing units into assisted living and memory care units and “transforming” common areas throughout the building. A Texas Department of Licensing and Regulation filing from December 18 shows the price tag for the renovations at almost $3 million, but it is unclear how Marquee’s acquisition has changed the scope of the project.
This is Marquee’s second senior housing acquisition in the Dallas-Fort Worth area, and it is the first by the firm’s fund vehicle, Marcus RE Fund II, LP, according to the release.
“We could not be more excited about adding this premier asset to the seniors housing portfolio,” said Dan Sisel, a partner at Marquee Capital. “Credit markets have made these kinds of transactions very uncommon over the past year and a half. Our team worked with WCP to make the impossible happen and now we own a generational asset in a market where it’s impossible to develop.”
Marquee is the real estate company of Marcus Investments. It has developed and managed more than $700 million in real estate assets since its founding in 2008.
Vitality Living of Nashville was founded in 2016. It operates facilities in Texas and nine other states.