A major Florida property investor is making moves in the growing Dallas-Fort Worth suburbs, with the acquisition of a senior living facility as the first step.
Miami’s Lloyd Jones LLC has just closed on the purchase of the 75-unit Quail Park of Granbury senior living community and the 30 acres of land surrounding it. The sale price was disclosed.
The 20 acres of developable land included in the grounds were a big attraction for Lloyd Jones, which has plans to develop them, according to JLL, which represented the seller, Living Care Lifestyles.
Lloyd Jones is best known for its purchase of multifamily communities, such as the First Apartments complex in South Florida’s Little Havana for $92 million and two rental properties in Daytona Beach in 2018, which it spent about $2 million to renovate.
However, Lloyd Jones also has a Senior Living arm that will operate the Granbury community going forward under the new name AVIVA Granbury.
The senior-living community is situated along Paluxy Highway near Woodmere Trail, 40 miles southwest of downtown Fort Worth. It has two buildings, one that offers independent living in 41 units and assisted living in 15 units, and one building dedicated entirely to memory care with 19 units. The facility also has landscaped courtyards, a large auditorium, a bistro, dining rooms, and several lounges and gathering areas.
Granbury is one of Dallas’s fastest-growing suburbs that is becoming more popular with retirees. About 25 percent of the population within just a five-mile radius of the AVIVA Granbury is made up of individuals aged 65 or older, according to the press release announcing the purchase, which is considerably higher than the national average of 17 percent.
Lloyd Jones has developed, owned, and managed approximately $1.2 billion in multifamily real estate since 1990, according to the company’s website, which also claims investment returns averaging 25.27 percent IRR over the past ten years.
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