[Houston Chronicle / Written by Katherine Feser – Published December 14, 2024]
Houston-based Bridgewood Property Co. has regained ownership of two senior living properties it developed in Houston and plans renovations to both.
The company announced the acquisition of the Village of the Heights, a 103-unitproperty at 1407 Studewood in 2015, and the Village of Meyerland, a 125-unit property at 4141 N. Braeswood built in 2013. The properties, which provide independent, assisted and memory care residences, were purchased from a national life insurance company that was ready to exit its investment. Terms were not disclosed.
“These communities represent the cornerstone of our vision for premium senior living, ”said Jim Gray, president of Bridgewood. “We’re excited to build upon their success and enhance the resident experience through significant investments in both properties.”
Bridgewood typically develops projects in established neighborhoods where residents can stay close to their churches, shopping and families. Developments include the Village of Tanglewood and the more recently built Village of Southampton near Rice Village.
Planned updates to the communities include new furnishings and decor, paint, carpet and lighting along with exterior paint. The generators will be upgraded to power the entire buildings, including residential units, when there’s an outage.
The transition should be fairly seamless to residents as the company’s property management affiliate will continue to manage the properties.
“There should be no impact to them day to day other than a nice new refreshed look when it’s said and done,” said Alex Pichon, managing director for Bridgewood.
Bridgewood has developed more than 5,100 senior living residences in the southeasternU.S. The company has current portfolio of 20 properties, including eight in Houston andothers in Dallas, Austin, Arkansas, North Carolina and Tennessee.
Published
Dec 14, 2024
Katherine Feser, Reporter / Researcher
Houston Chronicle
https://www.houstonchronicle.com/business/real-estate/article/senior-living-heights-meyerland-19976324.php