Cypress, TX, November 2, 2022– MedCore Partners, together with ACRON USA, announce the start of construction on Spring Cypress Senior Living, the second phase of an eventual 230-unit senior living community in the northwest Houston MSA. Phase 1 of the project, co-developed with Houston-based The National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Phase 2 represents the addition of 138 active adult and independent living residences to include apartments, cottages, and townhomes, plus a Phase 1 memory care expansion of 12 units. At completion, the campus will contain 230 units of luxury senior living on the 19-acre campus.
Completion of the $93 million project is expected by September 2024 with an earlier completion schedule of late 2023 planned for the cottages and townhomes. The lifestyle offering is patterned after the equestrian history of the area, with an upscale lodge feel complete with exclusive club offerings, a wine room, a fireplace feature extending up three stories, an outdoor kitchen, a resort pool and spa, a pet park, and extensive garden spaces and walking trails throughout.
Carlsbad, CA-based Integral Senior Living (ISL), the current operator of Phase 1 who brought the assisted living and memory care community to occupancy stabilization, will manage the new independent living campus addition. ISL will oversee all programs and services for the rental fee-based campus to include concierge living, club valet services and exclusive resident outings.
“With the pandemic delaying our start, this project has been a long time in the making.” said Michael Graham, Partner at MedCore. “It’s an understatement to say we are excited to bring this level of resort-style independent living to the Cypress market.”
Financing was provided by BOK Bank, their third senior living project with MedCore/ACRON. Orcutt Winslow provided the architectural and engineering services, Dallas-based Faulkner Design Group is the interior design firm, and Pacheco Koch designed the landscaping.
The project is the fifth senior living ground-up development for Dallas-based MedCore Partners, four of which are in Texas. MedCore has also acquired sixteen additional senior living communities in Texas, Arizona, Utah, California, Oregon, and Washington State.
ACRON USA, an affiliate of the ACRON Group, based in Zurich, Switzerland, the Swiss leader in first-class U.S. senior living investments, placed its 44th U.S. investment with Spring Cypress Senior Living and will be a member of the asset management team. By October 2022, the transaction volume of the company has reached nearly USD $2.28 billion.
