DALLAS, TX, MAY 15, 2018 – PMRG, a nationally recognized, full-service commercial real estate firm, today announced the acquisition of land for the development of a 215,000 square foot, 200 unit, senior living community named Hidden Springs. With initial occupancy anticipated in July of 2019, Hidden Springs is located in McKinney, Texas, just north of the Sam Rayburn Tollway, off Stacy at Ridge Road. The approximately $40 million development will include 132 rental units of Independent Living, 40 Assisted Living and 28 residential units of Memory Care, all in a continuing care retirement community, with the latest technologies and amenities.
Designed to meet senior’s active and changing lifestyles, Hidden Springs will be positioned to address the primary market’s rising demand for a contemporary retirement community which recognizes its resident’s preference to age in place. It will additionally address the market’s growing needs resulting from the dynamic population growth created by the recent North Texas concentration of multiple corporate headquarters and the more than $5 billion in capital investment along the Dallas North Tollway.
“With seniors looking for an engaging contemporary community where they can live a progressive lifestyle, Hidden Springs offers seniors multiple levels of care to age in place, all in a single community,” said Glen Perkins, PMRG’s Managing Director and Partner. “Residents will benefit from a unique physician sponsored wellness program, a full calendar of activities, multiple venues for dining and socializing with a focus on independence, quality active lifestyle and a sense of community.”
PMRG’s development team, has significant national and local experience in the healthcare sector, multi-family housing and senior living communities. “This project allows PMRG to perfectly blend its healthcare and senior living expertise in one of the only high-end senior communities in the submarket, offering upscale independent living, welcoming and attentive assisted living and, if needed, compassionate memory care services, said Peter Phillips, PMRG’s Sr. Vice President of Development. “Hidden Springs residents will be able to adjust their required level of care, without the need for a disruption caused by a relocation.”
In addition to enjoying an abundance of active senior living amenities and services, Hidden Springs will provide its residents a unique on-property wellness program, led by 12 physicians specializing in various disciplines, who live and practice medicine in the immediate vicinity. These highly regarded medical professionals will promote resident health-related awareness, and provide an exemplary platform of communication with both residents and their family members.