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Houston Developer Buys Tract for $40 Million Senior Living Community

PMRG's Hidden Springs Community Slated for Occupancy in July 2019
May 15, 2018
A Houston-based real estate developer has acquired a tract to make way for a $40 million senior living community in McKinney, TX, which is expected to get underway in the near future.

PM Realty Group purchased a parcel along Stacy Rd. at Ridge Rd. near the Sam Rayburn Tollway corridor for a new 200-unit, 215,000-square-foot senior living community, called Hidden Springs. Plans for the community include building 132 independent living units, 40 assisted living units and 28 units for memory care living.

Construction is slated to begin in the near future with occupancy expected in July 2019.

By having multiple levels of care within a single community, Glen Perkins, PMRG's managing director and partner, said the development firm is delivering the desired care and wellness programs to would-be residents.

The new community is being developed in a high-growth corridor of Dallas-Fort Worth, which has been adding thousands of new residents each year. The growth has inspired other senior living projects in the region, such as the Ventana by Buckner senior living community near Northwest Hwy. and U.S. 75, and the newly completed HarborChase community in Preston Center.

For PMRG's Hidden Springs community, the real estate investment firm plans to provide a wellness program and the help of 12 physicians of varying specialties to future residents.

The details of the programs were not immediately available Tuesday.

Candace Carlisle, Dallas-Fort Worth Reporter  CoStar Group   
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