SPRING, Texas — Capital Square 1031, a real estate investment and management firm, has acquired a newly completed, 10,000-square-foot memory care community in the Houston suburb of Spring. The price was not disclosed.
The Class A facility has 16 beds and was completed in June 2018. The property is leased for 15 years on an absolute net basis to Village Green Alzheimer’s Care Home, with a personal guarantee from the owners of the practice for the entire term of the lease.
“This memory care facility was purchased in an all-cash transaction for a Delaware statutory trust offering, providing investors with the opportunity to own the real estate without any mortgage debt,” says Louis Rogers, founder and chief executive officer of Capital Square 1031. “Additionally, because Texas does not have an income tax, investors in the DST will not pay any state income taxes.”
Matt Bear, founder and chief executive officer of Bear Real Estate Advisors, represented Capital Square in the transaction.