BOSTON and WASHINGTON, D.C. - September 15, 2021 — Bain Capital Real Estate and Capitol Seniors Housing today announced the acquisition of an active adult portfolio consisting of two newly-built, age-restricted (55 and over) multi-housing properties in the Dallas-Fort Worth area with a combined total of 360 units and over 520,000 square feet. Financial terms of the private purchase were not disclosed.
The portfolio consists of two active lifestyle, over 55 communities -- The Orchards at Arlington Heights in Arlington, and The Orchards at Market Plaza in Plano. Built in 2019 and located at 131 East Bardin Road, The Orchards at Arlington Heights totals 265,611 square feet and features 180 units that offer one- and two-bedroom floorplan options. The Orchards at Market Plaza was constructed in 2020 and is located at 3640 Mapleshade Lane. It totals 257,102 square feet and consists of 180 units with one- and two-bedroom options.
The two modern, purpose-built communities are strategically located within minutes from regional malls, entertainment, medical facilities, and major transportation corridors. Both properties feature numerous upscale amenities available to all residents, including a clubhouse, swimming pool and lounge area with community fire pit, movie theater, game room, salon, fitness center, gift-wrapping station, and an activity room.
“This portfolio is well aligned with our thematic senior housing investment strategy, which focuses on identifying infill properties in fast growing and desirable areas that offer residents convenient accessibility to metropolitan areas,” said Kavindi Wickremage, a Managing Director at Bain Capital Real Estate. “Partnering with Capitol Seniors Housing on this acquisition is a natural evolution of our long-standing relationship. We look forward to leveraging our combined senior housing expertise and unique value creation capabilities to enhance these vibrant communities and provide residents with a high-quality and independent senior lifestyle experience filled with recreational and social opportunities.”
“The active adult, 55-plus sector stood out through the pandemic as a resilient, safe, value-driven investment and we’re pleased to once again partner with Bain Capital Real Estate on the acquisition of this portfolio,” said Scott Stewart, Managing Partner at Capitol Seniors Housing. “The 55-plus platform has become our fastest-growing sector and represents a substantial portion of our acquisition pipeline. We have assembled a six-property portfolio of purpose-built, 55-plus communities with over 1,000 units in four states and we look forward to continuing to grow our relationship with Bain Capital Real Estate in this sector.”
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.2 billion of equity as-of March 31, 2021 in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.
About Capitol Seniors Housing
Capitol Seniors Housing (CSH) prides itself on placing seniors first by creating comfortable, safe, state-of-the-art communities which residents are proud to call home. Founded on the principles of integrity, trust, and transparency, CSH consistently produces top-quality senior living communities and resident-centered life experiences for senior adults.
Based in Washington D.C., CSH is a private equity-backed real estate acquisition, development and investment management firm founded in 2003. CSH has successfully acquired or developed more than 120 senior housing communities and deployed over $2.5 billion of investment capital to date.