LONGVIEW, TX – Civitas Senior Living announced the acquisition of two senior living communities in East Texas. Abby Development, based in Dallas, TX, owned and developed the communities in 2015-2016.

Arabella of Longview is located at 1133 E. Hawkins Pkwy. The building includes 132 independent living apartments, 20 independent living cottages, 50 helped living apartments, and 32 memory care apartments.

Arabella of Athens is located at 413 Gibson Road. The building includes 12 independent living cottages, 34 helped living apartments, and 21 memory care apartments.  The combined transaction adds 314 units to the Civitas Portfolio of 20+ properties located in Texas.

Both communities will be managed by Civitas under the leadership of Wayne and Misti Powell. Together, this management team has more than 30 years of experience operating senior living communities in Texas.

Wayne Powell, president of Civitas, says, “April has been a fantastic month for the growth of Civitas Senior Living – adding these two East Texas Arabella properties to the earlier buy of Arabella of Kilgore expands our East Texas footprint allowing us to focus on regional market expansion.  Each of these properties have a strong Independent Living component that mirrors current Independent Living expansions at other existing Civitas Properties.”

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LUBBOCK, TX – Preferred Apartment Communities announced that it closed on a loan investment of up to approximately $9.4 million.  This investment is in connection with Haven Campus Communities’ plans to develop a 556-bed, 140-unit student housing community located near Texas Tech University in Lubbock, Texas. 

This is the second phase to an existing student housing project that is completing its first lease-up.  The second phase will be managed by Preferred Campus Management, the same company managing the current lease-up in the first phase.  Additionally, with this investment, PAC received an option to buy the student housing community following stabilization at a discounted price to market. 

“We are excited to continue the growth of investments in student housing assets near world-class universities,” said Paul Cullen, Chief Marketing Officer of PAC.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.  As part of its business strategy, it enters into forward buy contracts or buy options for to-be-built multifamily communities and makes mezzanine loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. 

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