Hillwood partners with Healthcap in Dallas to develop senior-living center at Alliance

Posted Wednesday, May. 08, 2013  comments  Print Reprints
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Construction will begin this summer on the first phase of a senior-living community at Hillwood’s Alliance Town Center in far north Fort Worth.

HealthCap, a Dallas-based private equity firm, has partnered with Hillwood Properties to develop the center. The one-story, 60,000-square-foot first phase will have 40 assisted-living and 20 memory-care units, the companies said Wednesday. Construction will take about nine months, said Robert Folzenlogen, Hillwood’s vice president of development.

The yet-to-be-named facility, spurred by the addition of several medical facilities in the north Fort Worth area, will be located off Riverside Drive between Heritage Trace Parkway and the new Texas Health Resources hospital. Pre-leasing will start late this year. Different lease options will be available, and the cost will depend on the care level selected, Folzenlogen said.

Besides resident units, the center will have dining facilities and other amenities, as well as access to the trail system at Alliance and Alliance Town Center.

The senior community will be operated by Good Neighbor Care, a Eugene, Ore., operator of 20 assisted-living and memory-care communities in nine states. In Texas, Good Neighbor Care manages Orchard Park of McKinney, Orchard Park of Murphy, River Point of Kerrville and Three Forks of Forney.

Hillwood President Mike Berry said in a statement that the senior-living community is important to the Alliance development.

“An amenity of this type, in addition to our other residential options and growing healthcare district, continues to broaden the spectrum of lifestyle and service options that AllianceTexas offers its growing and diverse population,” Berry said.

The facility can be expanded with 20 additional assisted-living units in a later phase.

HealthCap said it specializes in providing capital and strategic needs to healthcare service providers. The company said it has sponsored about $1.1 billion in healthcare investments and has developed about 4.5 million square feet of healthcare-related real estate.

“We pride ourselves in delivering best-in-class senior care services, and we’re looking forward to becoming a part of the AllianceTexas community,” said Chris Godfrey, HealthCap Partners senior vice president.

At Alliance, Texas Health Harris Methodist has opened a hospital, and North Hills Hospital has an emergency room. Nearby, Wise Regional Health System plans a surgical hospital, and HCA plans to start construction on a $71 million hospital.

More than 7,700 single-family homes and 856 apartments have been built at Alliance.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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