San Antonio’s premier seniors community successfully recapitalized with new investor and agency financing

BOSTON, Dec. 6, 2023 –  JLL Capital Markets announced today that it arranged the successful recapitalization transaction of Franklin Park Alamo Heights, a senior housing community owned by Harrison Street and Franklin Park.  The buyer has retained Franklin Park as manager in a new joint venture. JLL also placed the acquisition financing with a Freddie Mac loan for the buyer. 

Franklin Park Alamo Heights, a luxury, Class A senior housing community located in San Antonio, Texas, consists of 117 independent living units, 64 assisted living units and 40 memory care units. The property features four stories of independent living units and amenities interconnected to a four-story assisted living building that extends into a single-story memory care wing.

Franklin Park Alamo Heights stands out as one of the finest communities within the San Antonio metro area, representing the latest addition to the city. Offering an extensive range of care options, the community boasts spacious apartments with generous closet space and upscale finishes. It goes above and beyond with an impressive array of amenities. From a grand ballroom suitable for large gatherings and formal events, to an indoor pool, and exceptional beauty salon, the community leaves no desire unfulfilled. Other notable amenities include a dining room, community BBQ areas, fitness center, theater, game room, business office and library.

Situated in the heart of Alamo Heights, the property is conveniently located on West Sunset Road, just under two miles away from the popular Quarry Crossing shopping center and the abundance of retail options along Route 281. This highly sought-after community is nestled six miles north of downtown San Antonio, offering residents easy access to two major interstate highways and the convenience of being near SAT International Airport.

“We are excited to partner with a best-in-class local owner operator Aubra Franklin and his team to continue their ownership of Franklin Park Alamo Heights” said Kelly Sheehy, Senior Managing Director at Artemis Real Estate Partners, “The acquisition is consistent with our strategy of purchasing high quality seniors housing assets in markets with strong demographics in partnership with experienced local operators.”

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Richard Swartz and Jay Wagner, Director Jim Dooley and Associate Jack Griffin.  JLL’s Managing Director Allison Holland completed the financing of the acquisition.

“Alamo Heights is the premier community in all of San Antonio and its success is a tribute to the vision of Aubra Franklin, founder of Franklin Companies and Harrison Street Real Estate Capital” said Dooley. “The transaction was a great acquisition for the new partnership between Artemis and their new joint venture partner, Franklin Companies. Our team is grateful for our longstanding relationship with all the parties involved in the deal.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.