TWO OPERATING ASSISTED LIVING FACILITIES IN FORT WORTH, TEXAS, FOR SALE THROUGH HILCO REAL ESTATE

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Mar 13, 2024, 10:59 ET

NORTHBROOK, Ill., March 13, 2024 /PRNewswire/ -- Hilco Real Estate, LLC announces April 30, 2024, as the qualifying bid deadline for the sale of two operating assisted living facilities in Fort Worth, Texas: Tandy Village and Vincent Victoria Village.

Strategically placed in a densely populated residential neighborhood less than four miles from downtown Fort Worth, Tandy Village consists of a one and three-story building spanning 69,454± square feet on 3.6± acres. This turnkey facility boasts 80 rooms and 120 beds, but is licensed for 160 beds, providing opportunities for increased resident capacity. Featuring a resident lounge, dining area, commercial kitchen, administrative offices, game room, chapel and 76 surface parking spaces, Tandy Village is positioned for expansion. With the opportunity to enhance services like memory care, enhanced resident amenities and optimized bed count in existing spaces, this offering presents the possibility to bolster healthcare services in the area. Alternatively, there is potential to accommodate uses beyond assisted living through its community facility zoning.

The second site, Vincent Victoria Village, is in Forest Hill, Texas, a south suburb less than 10 miles southeast of Fort Worth's downtown. This one-story building totals 27,832± square feet and sits on 2.02± acres. The property has been well-maintained, featuring 61 rooms with a licensed capacity for 80 beds. This site features two interior courtyards, administrative offices, a welcome lobby and reception desk, a commercial kitchen, a dining room, a laundry room and 31 surface parking spaces. While the site's best use is to continue operations as an assisted living facility, its flexible multifamily residential zoning presents avenues for multifamily developments, group homes and special permitted uses including municipal, institutional and residential purposes.

Both properties are situated in the rapidly-growing Dallas-Fort Worth-Arlington MSA (The Metroplex), deemed the most populous metropolitan statistical area in the Southern United States, totaling 7,637,387 in 2020 by the U.S. Office of Management and Budget. The region's economy, also referred to as Silicon Prairie, is primarily based on banking, commerce, insurance, telecommunications, technology, energy, transportation and logistics. Within the healthcare sector, major employers include Texas Health Harris Methodist Hospital Fort Worth, Cook Children's Medical Center, Baylor Scott and White All Saints Medical Center, and JPS Health Network. Adding to the appeal, the facilities' locations within the Fort Worth area benefit from excellent connectivity through Interstate 20, 30 and 820, and HWY 287 and 180. These major roadways provide convenient access further enhancing the city's accessibility.

This region further benefits from the historic and continued migration of the nation's population from Rust Belt states to Sun Belt states, driven by factors like affordable housing, job growth and warmer climates. According to the Census Bureau's latest data, Dallas-Fort Worth ranks first for top destinations for absolute population growth between 2021-2022. This trend is reflected in senior housing as well. Dodge Data and NICMap Vision reports that among the fastest growing 30 metros with over 100,000 residents 75+, 27 are in the Sun Belt. Fort Worth, like other areas of the country, has experienced the start of what has been nicknamed the "silver tsunami." Seniors Housing Business noted 10,000 Americans will turn 80 every day starting in 2025. By 2030, all 73 million Baby Boomers will be of retirement age. These demographic shifts underscore the pressing need for expanded healthcare services.

These sites are equipped with significant capacity for comprehensive care and can be outfitted for future utilizations beyond their current role as assisted living facilities, encompassing services like memory care or drug and behavioral rehabilitation. This ensures the potential for high-quality healthcare facilities tailored to meet the needs of the community. Investing in a healthcare facility in the Fort Worth area means joining a thriving medical community and catering to a population with a growing demand for these specialized services.

Terry Rochford, senior vice president of business development at Hilco Real Estate, stated, "These turnkey facilities provide the opportunity to continue the operation of the existing businesses while adding a variety of operational efficiencies and expanded services to meet market demand and maximize returns on the investment. We anticipate a strong response from the market for these assets!"

Steve Madura, senior vice president at Hilco Real Estate, added, "This offering represents a chance to get ahead of this historic, generational shift and reap the benefits from a strong demand for senior housing, as well as address a significant need for affordable accommodations for our country's most vulnerable, aging population. This is all supported by the stratospheric population growth this area of the country has experienced in recent years."

Qualifying bids must be received on or before the deadline of April 30, 2024, at 5:00 p.m. (CT) and must be submitted on the letter of Intent (LOI) available for review and download from Hilco Real Estate's website.

Interested buyers should review the terms of sale for requirements to participate in the sale process available on Hilco Real Estate's website. For further information, please contact Stephen Madura at (847) 504-2478 or [email protected], Adam Zimmerman, MAI, at (847) 917-9323 or [email protected] and Michael Kneifel at (847) 201-2322 or [email protected].

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate