Last updated on May 15th, 2019 at 04:55 pm
A Dallas-based health care real estate investment firm has purchased a 12-acre site in Glendale for the development of a large senior living complex.
Securant Bank and Trust sold the vacant property at 100 W. River Woods Parkway to Heartis North Shore Partners, LP, an affiliate of Caddis, for $1.7 million, according to state records.
Caddis is planning a senior living center that will include 71 assisted living units and 34 memory care units.
The 96,770-square-foot complex will also include a wellness suite, a library and media room.
Construction is scheduled to be completed in the first quarter of 2019.
Approximately 35 people will work at the facility once it is fully operational and it will be operated by Chicago-based Pathway Senior Living.
The city of Glendale approved the plan in spring.
In addition to Glendale, new senior living facilities have already opened or are planned in Milwaukee, Franklin, Sussex, Brookfield, Wauwatosa and Oak Creek.
Since the end of 2015, Milwaukee, Ozaukee, Waukesha and Washington counties have seen 900 new senior living units enter the market, according to Annapolis, Maryland-based National Investment Center for Seniors Housing & Care.