By Opportunity Zone Magazine Staff
Sage Oak Assisted Living and ANG Development Group have embarked on a joint venture to build a $17-million assisted living and memory care campus in Denton, Texas, located in an Opportunity Zone. The Dallas-based companies have created the GoodHorn Senior Living Opportunity Zone Fund to raise part of the funds.
“We are about six to eight weeks away from opening our offering to investors,” says ANG Development Group owner Austin Good, whose company acquires and develops residential, retail and mixed-use projects.
The goal is to raise $6 million from Opportunity Zone investors, according to the National Council of State Housing Agencies (NCSHA) Opportunity Zone fund directory.
The project will include 98 units in a residential care home format, providing for higher caregiver-to-resident ratios compared to a standard nursing home. The project may appeal to investors seeking to fund projects with positive social impact via Opportunity Zone funds.
Sage Oak is a family-owned and operated business that specializes in assisted living and memory care communities in the Dallas area. The company has five boutique assisted living and memory care communities in residential neighborhoods in central Dallas that are multiple residential care homes with no more than 16 units. Each is a licensed type B assisted living facility. Four of the five locations have a Texas certification to provide care for residents with Alzheimer’s and other forms of dementia.
The GoodHorn Senior Living Opportunity Zone Fund is one of four Opportunity Zone funds focused on senior-living development, according to NCSHA. The project is currently in the entitlement phase and will be shovel-ready by the middle of 2019.
Regarding other Opportunity Zone projects in the pipeline, Good is currently working on a townhouse build-to-rent project, which borders the assisted-living property.
“We are about four months from raising funds on that one,” says Good.