A Dallas-based senior housing developer is getting a boost thanks to a new venture with a major investor.
Silverstone Senior Living has been in business for a decade and has built local housing communities in North Dallas, Plano and Southlake.
The company is currently developing projects in the Washington, D.C., area.
Silverstone has sold a stake in the company to investor Compatriot Capital, a subsidiary of Dallas-based Sammons Enterprises.
“We are thrilled to welcome a solid and well-respected capital partner into our Silverstone family,” Denny Alberts, founder and co-CEO of Silverstone Senior Living, said in a statement. “This partnership with Compatriot represents a shared vision to establish Silverstone as a major player in the senior housing industry and allows us to grow our platform to meet the strong demand for high-quality housing for one of the fastest-growing demographics in the U.S.”
Alberts and Crescent Real Estate chairman John Goff founded Silverstone in 2012.
Locally, the developer constructed the Preston of the Park Cities community on the Dallas North Tollway in North Dallas, the HarborChase community in Plano and HarborChase of Southlake.
Silverstone is now working on projects in Northern Virginia and Montgomery County, Md.
The company’s developments are valued at more than $1 billion.
“We have the highest level of confidence that Silverstone will continue to deliver the ‘gold standard’ in senior living and become one of the premier developers and owners in the industry,” Mark Van Kirk, president of Compatriot Capital, said in a statement.
Compatriot Capital invests in offices, apartments and shopping centers. It is an investor with Dallas-based developer KDC and apartment builder JLB Partners.