Stroud Companies Announces 4 Asset Sale Totaling Over $70 Million
DALLAS, April 6, 2015 /PRNewswire/ -- Dallas based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at over $70 million, was financed using the HUD 232 debt program and has been a Joint Venture project with Orchard Park Senior Living. Development commenced in 2011 and was sold ahead of the original closing timeline.
The sale of these assets is in conjunction with the now open "The Orchard at Katy" development in the greater Houston Marketplace and is located on a 5 acre tract adjacent to Katy Mills Mall and situated in close proximity to the award winning Cinco Ranch development. When fully leased, the community will serve 97 residents in both assisted living and memory care.
Phil Anderson, CIO of ROC Seniors noted, "These are wonderful communities with terrific residents and staff. We are looking forward to serving our residents and their families." Blake Peeper, Managing Director added, "We are also thankful for the continued results shown by our management team at Meridian Senior Living."
"We are pleased with the sale prior to our original timeline and privileged to work with ROC Seniors," said Stroud Companies President James A. Stroud.
"We have the passion and expertise to provide seniors with communities that will not only enhance and enrich their lives, but also we believe ROC Seniors will continue to provide premium services at a moderate price point," said Will Stroud, Director of Stroud Companies.
The Orchard Park communities were designed by award-winning architectural firm Arrive Architecture Group out of Bedford, Texas.
Each community serves 57 assisted living residents and includes a separate secured wing that serves 40 Alzheimer's and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venue, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.
Stroud Companies is entering its fourth decade as a private holding company. Since 1982, the Company and its affiliates have been involved in senior living and commercial real estate acquisitions, operations, and sales valued in excess of $1.5 billion. The Company also has diversified investments throughout several asset classes, including Real Estate development, Restaurants, Oil and Gas exploration and various nationwide Venture Capital investments. Stroud Companies also operates the Mr. & Mrs. James A. Stroud and Jennifer Stroud Foundations.
ROC Seniors Housing Fund Manager, LLC ("ROC Seniors") is a fund manager for a family of private funds that focus on investments in seniors housing communities and medical office facilities, whose principals have more than 20 years of success in the seniors housing and medical office sectors. Seniors Mgmt. is a subsidiary of Bridge Investment Group Partners, LLC ("Bridge-IGP") a registered investment adviser. Bridge-IGP and ROC Seniors are integrated investment advisers under the Investment Advisers Act of 1940. Bridge-IGP and affiliates employ approximately 1,000 people in 18 States, manage 35,000 apartment units, 2.4 million square feet of commercial office property, have approximately $3.1 billion of assets under management plus manages an additional $400 million in real estate assets owned by affiliates. Corporate headquarters is located in Salt Lake City, Utah.
SOURCE Stroud Companies
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