ALPHARETTA, Ga.--(BUSINESS WIRE)--Phorcys Capital Partners, LLC (“PCP”) together with its capital partner, announced the acquisition of a standalone 149-unit assisted living facility in Lewisville, TX. The venture acquired the facility through its role as the stalking horse bidder through a bankruptcy process for $26 million. The facility, re-branded as The Pearl, will be operated by SilverPoint Senior Living (“SilverPoint”).
“The acquisition of The Pearl is a continuation of what PCP has worked on all along on the credit side and will act as the launchpad of our new venture, Phorcys Senior Housing Recovery Fund (“SHRF”),” said Vasileios Sfyris, Managing Partner of PCP. “We are thrilled to add The Pearl to our growing senior living portfolio, especially in a location as vibrant as Lewisville. We will continue to be opportunistic, and target value-add senior housing assets in high-growth markets throughout the United States.”
PCP’s acquisition strategy focuses on distressed and/or overleveraged senior housing properties located throughout the United States. Acquisitions are typically newer vintage assets that require limited rehabilitation costs. PCP focuses on markets with attractive demographics and properties with significant value-add potential.
The Pearl consists of 149 units in Lewisville, TX, a growing suburb in the Dallas-Fort Worth metroplex. The venture will invest approximately $1.3 million into the facility. SilverPoint will also work to improve assisted living and memory care offerings to improve the care and entertainment provided to residents.
About Phorcys Capital Partners LLC
PCP is an alternative asset manager with a focus on investing in distressed municipal bonds and/or acquiring the real assets secured by municipal bonds. PCP has historically focused on senior living, multifamily housing, student housing, and hospitality. Since inception, PCP has invested approximately $120 million in senior living and approximately $400 million across all sectors.