Dallas-Based Joint Venture Partners Announce New Senior Living Projects For San Antonio

SAN ANTONIO - March 12, 2013 - PRLog -- South Bay Partners, Ltd., and joint venture partner Integrated Real Estate Group (IREG) are pleased to announce their latest senior living community providing a full continuum of care coming to San Antonio. The two Dallas-based companies announced plans to break ground in the spring of this year on a 192 apartment, 26 villa independent living community – Watercrest at Alamo Ranch – and a 105 unit, 122 bed assisted living and memory care community – Isle at Watercrest at Alamo Ranch. This $60 million project will sit on 22 acres along Alamo Ranch Parkway and Westwood Loop in San Antonio.

“The Alamo Ranch area is one of the fastest growing population areas of San Antonio,” said Craig W. Spaulding, founder of South Bay Partners and a resident of San Antonio. “There is a lack of quality, newly-built independent and assisted living facilities for seniors in this area. These two projects will satisfy this need by giving seniors an affordable, comfortable place to call home.”

Both South Bay Partners and IREG are solidly established in senior housing and healthcare projects—and are venture partners in a number of such projects across Texas. Their combined efforts include a variety of senior properties, including campuses that combine independent living, assisted living, skilled nursing and Alzheimer’s facilities, like the one now planned in San Antonio.

“This is our second project in San Antonio,” said Richard E. (Rick) Simmons, founder of Integrated Real Estate Group. “We see the value in this area, and the demand continues to grow. We have worked with South Bay Partners on various endeavors for seven years, and together have a very successful track record.”

South Bay Partners has completed more than 60 senior housing communities nationwide—involving more than $560 million in total investment—and has $80 million in various stages of development.  Similarly, IREG, through its construction entity, Integrated Construction and Development, has built more than more 60 communities with cumulative costs over $1 billion.

South Bay Partners is backed by an array of established investment partners including Goldman Sachs, Columbia Pacific Management, Ltd., NHP REIT (now Ventas Inc.,), and Walton Street Capital of Chicago, who is the investment partner in the Watercrest at Alamo Ranch communities.

Craig W. Spaulding founded South Bay Partners in 1994. Spaulding was formerly a Vice President with The Prudential Realty Group working out of their Florida, Dallas and Houston offices over a span of eight years.  While at Prudential, Spaulding was involved in development of office buildings, hotels and industrial facilities and had asset management responsibility for a $600 million investment portfolio.

Richard E. (Rick) Simmons founded Integrated Real Estate Group in 1995. Simmons has a 25-year history of building and developing real estate throughout the United States, with an emphasis on multi-family developments. Simmons established a multi-family development, construction and management company in 1995.  In a fifteen year period, he has built and developed more than 15,000 units across the southwest United States with a combined value of over $1 billion.