Houston, Texas (January 23, 2023) — A joint venture between Blue Moon Capital Partners and Bridgewood Property Company has purchased The Village at River Oaks, a senior housing community in the River Oaks neighborhood of Houston that offers independent living, assisted living and memory care services. The seller was a partnership between Harrison Street and Bridgewood. CBRE brokered the sale of the asset and also arranged a seven-year, floating-rate acquisition loan that carried 48 months of interest-only payments through a regional bank. The Village of River Oaks is operated by The Aspenwood Company, an affiliate of Bridgewood.
The community’s Independent Living units opened in 2017 and the Assisted Living and Memory Care units opened in early 2018. Developed by Bridgewood, the community was built to institutional standards and carries the highest level of assisted living licensure available in the state of Texas. The eight-story community is located on Shepherd Drive, two miles west of downtown Houston and three miles east of the River Oaks District shopping center. Amenities include a fitness and wellness center, movie theater, bistro, libraries, salons and garage parking.
Aspenwood is based in Houston, Texas. Aspenwood (and its predecessor, RCM) has been operating senior housing properties since 1996. Aspenwood’s executive team has over 75 years’ experience in the senior housing industry. Aspenwood currently operates fifteen communities with one more under development. Aspenwood’s operations span four states in the Southeast, with eight communities in the Houston MSA.
Blue Moon invests exclusively in senior housing on behalf of institutional investors through a series of commingled funds and separate accounts. Blue Moon’s leadership team has over 65 years of experience in senior housing finance and operations and is headquartered in Boston, Massachusetts. More information can be found at www.bluemooncp.com.