Bain Capital Real Estate and Capitol Seniors Housing have acquired Northstar Georgetown, a newly constructed 55 and over adult community based in the greater Austin, Texas area. No financial terms were disclosed.
BOSTON and WASHINGTON, D.C. — January 13, 2022 — Bain Capital Real Estate and Capitol Seniors Housing today announced the acquisition of NorthStar Georgetown, a newly constructed 55 and over active adult community located in the greater Austin, Texas area. Financial terms of the private purchase were not disclosed.
Built in 2021, NorthStar Georgetown is a 210-unit community located between Austin’s Interstate 35 growth corridor and State Highway 130 and prominently positioned near the area’s retail, dining, and entertainment centers. The community also benefits from close proximity to a wide array of outdoor activities and championship golf courses.
NorthStar Georgetown features spacious one- and two-bedroom floor plans with a host of modern amenities, including designer finishes, state-of-the-art appliances, and oversized patios and balconies. The community boasts a full suite of resort-style amenities for residents including an expansive pool with spa and sundeck, elegant clubhouse, coffee and wine bar, media center and theater room, cardio center, pickleball and bocce ball courts, and a quarter-acre dog park. NorthStar Georgetown also offers an active social calendar for residents including group exercise classes, weekly happy hours, cooking seminars, and sporting events.
“This is a compelling opportunity to acquire a uniquely high-quality property in a top performing Austin submarket with growing demand that is well-positioned to continue to benefit from positive economic drivers,” said Kavindi Wickremage, a Managing Director at Bain Capital Real Estate. “We look forward to building upon our long-standing partnership with Capitol Seniors Housing to provide current and future residents with best in class facilities and a dynamic living environment.”
“The active adult, 55-plus sector continues to be a resilient, safe, value-driven investment and we’re glad to have Bain Capital Real Estate as a long-term partner on acquisitions in this sector,” said Michael Hartman, Principal at Capitol Seniors Housing. “The central Texas region has become a fast-growing area for 55-plus senior communities and we are excited to bring more of the Capital Seniors Housing top-quality ideal to the region.”
About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.7 billion of equity as of September 30, 2021 in over 500 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit https://www.baincapital.com/businesses/real-estate.