Uptown has long been a destination for luxury living; with this new project, seniors are getting in on the opulence, too.
Nexus Companies, which is based in Orange County, California, landed a $180 million construction loan for Vivante Turtle Creek, a 193-unit senior living facility it is building at 2505 Turtle Creek Boulevard, according to a release.
Dallas-based Beal Bank provided the financing.
Vivante Turtle Creek will include 164 independent living and assisted living residences, 12 penthouses and 29 memory care units with 42 beds.
The property will feature amenities like an indoor saline pool, golf simulator, 4K movie theater, beauty salon, art studio, gym and chauffeured transportation provided by Mercedes Benz. It will also have an onsite doctors office and therapy clinic.
Nexus developed a similar product in Orange County, but high-end senior living “does not exist in the Dallas market today,” Nexus CEO Curt Olson said in the release.
Related Companies’ Coterie brand provides a similar experience in San Francisco and Manhattan.
Getting the backing of institutional lending speaks to confidence in luxury senior living, which is a newer product type. It also confirms the status of Dallas’ Uptown neighborhoods — like Turtle Creek, Victory Park and Knox-Henderson — as the top destination for Dallasites seeking luxury city life.
The area will also be home to another product type that’s not yet taken off in Dallas: luxury condos. The market for luxury condos is mostly untapped in Texas, where luxury buyers have long favored the ranch over vertical living.
The Knox Street Development, a project from MSD Partners, Trammell Crow Company, the Retail Connection and Highland Park Village Associates, will include a 140-key Auberge Resorts Collection hotel with 48 luxury units.
Nearby, the 17-story Rosewood Residences Turtle Creek will take shape. The building will have about 33 condos.
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https://therealdeal.com/san-francisco/2021/11/01/sfs-newest-senior-housing-project-to-rent-for-up-to-27k-per-month/
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