Phase 2 of Spring Cypress Senior Living is estimated to cost $97 million and will add over 150 units of varying sizes and care levels. Houston Business Journal reports that the development is being undertaken by MedCore with equity partner Acron USA, while BOK Financial Corp. and private equity investors are providing financing for the project. Granite Harbor Advisors, in partnership with Oxford-based Addicus, have raised an additional $12 million to reach full funding for this expansion which is expected to be completed by late 2021 or early 2022.
The new facility will feature a mix of independent-living townhomes, assisted-living apartments as well as memory care units along with amenities such as a courtyard pool area complete with dining area fire pit bistro poolside bar sports bar roof garden fireplaces outdoor kitchen among others; rent ranges between $4k-$7k per month depending on unit size/care level required.. The existing building currently stands at nearly 95% occupancy rate
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