An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired a 180-unit 55+ active adult apartment community in the Dallas-Fort Worth submarket of Lewisville, Texas.
The property, which the firm has rebranded as Haven at Lewisville Lake, is the first Texas addition to Livingston’s geographically diverse 55+ active adult and independent living portfolio and brings the firm’s total unit count in the sector to nearly 1,000 units, according to Peter Scola, founder and Co-CEO of Livingston Street Capital.
“The acquisition of Haven at Lewisville Lake is ideally aligned with our strategy to acquire active adult communities in affluent suburbs within major metro areas that appeal to 55+ residents seeking convenience and high quality of life,” says Scola. “Lewisville was attractive based on its central positioning between Dallas and Fort Worth and strong, rising home values. Additionally, the 55+ age group within a five-mile radius of the property is expected to grow by 21.5 percent over the next five years, driving up demand further.”
Scola notes that community, originally built in 2002, underwent significant renovations in 2018 and offers competitive amenities including an on-site salon, massage therapist, and shuttle services. Livingston plans to build upon the existing services with wellness-minded activities and engaging social programs.
“Because we are one of the few firms in the country whose primary residential sector strategy is to target 55+ active adult and independent living communities and not assets that provide care, we are able to deeply focus on our mission to facilitate community for independent, wellness-minded residents,” explains Scola, noting that many of the country’s approximately 70 million Baby Boomers, now between the ages of 56-75, are attracted the convenience and socialization these communities provide without sacrificing autonomy. “By acquiring this recently upgraded asset and implementing our proven operations strategy and wellness initiatives, we will provide both quality and value for residents desiring a home that promotes their active lifestyles.”
Haven at Lewisville Lake is situated with easy access to the Sam Rayburn Tollway and within close proximity to several local retail and dining amenities, and healthcare facilities. The property is also located within five miles of the Llela Nature Preserve, which boasts 2,000 acres of natural wildlife with several walking trails, a wildlife center, campsites, and fishing; as well as the Flower Mound Senior Center.
The community features a resort-style pool, heated spa, poolside lounge, resident clubhouse, game room, and a 24/7 fitness center. Units include Granite countertops, in-unit washers and dryers, stainless steel appliance packages, undermount kitchen sinks, as well as outdoor patios and plank flooring in select units.
Haven at Lewisville Lake is located at 901 N. Garden Ridge Boulevard in Lewisville, Texas.