Caddis Starts Work on Next Heartis Community
The firm’s second branded assisted living and memory care community near Eagle Mountain Lake in north Fort Worth, Texas, is part of its $100 million senior housing investment program
July 10, 2013 FORT WORTH, Texas – Just a few weeks after announcing its plan to invest more than $100 million in senior housing projects during the next 24 months, Caddis Partners LLC has begun construction of its second Heartis-branded assisted living and memory care community in the Dallas/Fort Worth Metroplex. The 96-bed Heartis Eagle Mountain is being built at Dalhart Drive and Boat Club Road near Eagle Mountain Lake in north Fort Worth.
The 61,125-square-foot community will include 54 assisted living units (61 beds) and a dedicated 35-bed memory care unit. The residence will feature high-quality, “Class A” finishes and three interior courtyards, with one dedicated to memory care. Located on a 4.3-acre site, the community will be about one mile from Eagle Mountain Lake with easy access to U.S. Highway 287 and Interstate 35W.
“We are developing senior living projects where we would be pleased to have our own family members live,” says Caddis Partners CEO and Partner Jason L. Signor. “Heartis communities, including Eagle Mountain, will offer residents a variety of amenities and fun activities, personal care from experienced staff, safety, security and beautiful aesthetics, all in an environment where they feel at home and can truly enjoy life.”
“This new Heartis community will be a great addition to the growing Eagle Mountain Lake area, which is underserved in terms of senior living options,” says Caddis Executive Vice President and Partner Matt Mattox. “We are particularly excited about the location, which is in a desirable area that will be very convenient for northwest Tarrant county residents.”
Caddis Partners recently announced its expansion into the senior living segment – committing more than $100 million to the sector during the next 24 months – and the launch of the new brand Heartis, which plays off the saying, “Home is where the heart is.” The Heartis logo also includes periods after the words “Seniors” and “Living” to convey that in the new communities, seniors will be living rich, full lives.
At that time, Caddis also announced its first seniors community under the new brand Heartis Cleburne, which will be south of Fort Worth in Cleburne, Texas. Construction of a third project, the 50-bed Heartis Conroe memory care community, was begun before the launch of the Heartis brand, but that community will also be operated as part of the Heartis family when it opens later this summer in Conroe, Texas, about 40 miles north of downtown Houston.
Heartis communities will be developed and owned by affiliates of Caddis Partners, with management being provided by Eugene, Ore.-based Good Neighbor Care. Good Neighbor Care has two decades of successful senior living management experience, and currently has operations in Texas and seven other states.
The experienced development team for Heartis Eagle Mountain also includes the Austin, Texas-based architectural firm Katus, the Dallas office of MAPP Construction and financing provided by American National Bank of Texas. Heartis Eagle Mountain is scheduled to be completed in the summer of 2014.
Mr. Mattox noted that Caddis Partners’ commitment to the senior housing sector is on track with plans to open 10 to 12 Heartis communities in the next 18 to 24 months.
“We are moving full speed ahead to develop Heartis communities in a number of areas that lack high-quality senior housing,” he says. “Our communities will be warm and welcoming places where engaged residents get the care and support they need and where they will be proud to call home,” he says. “For the residents and their families, that will mean peace of mind.”
About Caddis Partners
Caddis Partners, LLC is a Dallas‐based real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis has developed or acquired over one million square feet of medical assets valued in excess of $350 million. For more information about Caddis Partners, please visit www.CaddisPartners.com or follow Caddis Partners on Twitter at www.twitter.com/CaddisPartners. www.CaddisPartners.com.