Investor Acquires Preston of the Park Cities
The Preston of the Park Cities senior living community was acquired by a company represented by Boston-baed AEW Capital Management, county deed records show.
The eight-story Preston Center building on the Dallas North Tollway and Sherry Lane includes 129 residential units, the Dallas Morning News reported.
The property was developed by Silverstone Senior Living, and a representative for Silverstone confirmed the sale.
The building, constructed in 2016, was valued for property taxes at $44 million, Dallas County Appraisal District records show.
The Preston of the Park Cities offers both assisted living and memory care and has studio, one-bedroom, and two-bedroom units. The facility also boasts a spa, salon, fitness center, and gourmet dining.
The community’s new owner – AEW Capital – is a 40-plus-year-old real estate investment manager with about $90 billion in assets in North America, Europe, and Asia.
