June 30, 2014
The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm.
Mansfield to gain new senior living community
The Rochester Group of Fort Worth and 2GR Equity Partners of Grapevine have joined forces in developing a 95-unit senior living facility in Mansfield.
Known as Rochester Springs Assisted Living and Memory Care, the project is funded through an equity investment between the firms.
The joint venture promises a 73,344-square-foot assisted living and memory care facility with 51 assisted living units and 44 memory care units.
The complex will be located on a 3.09-acre site on the northeast corner of East Broad Street and Matlock Road across from the 168-bed Mansfield Methodist Medical Center.
Three Living Architecture designed Rochester Springs and Dallas-based 12 Oaks Senior Living will manage the property.
Construction is set to begin within 30 days, with the facility opening in summer 2015.
Rochester Springs is 2GR Equity’s second investment in the past year in developing a senior living community in Texas.
“Everyone knows the senior living market is frothy right now; however, success can still be found in a product type like this if you have the right team assembled,” said David Gregory, equity principal and co-founder of 2GR Equity, commenting in a news release.
“We feel we have all of those aspects working for us on this transaction,” Gregory said.