Archive
Feb 20, 2019
Patoka Capital Announces Partnership with VisCap Development on Sand Hill Memory Care Facility
Gainesville, VA (Prince William County) – Feb. 20, 2019 – Patoka Capital, a southern Indiana private investment firm, and VisCap Development, a Dayton, Ohio real estate development and asset management company, are proud to announce their partnership on the construction of a Virginia-based Memory Care Senior Community.
The proposed Sand Hill Memory Care Facility will be located at 7775 James Madison Highway in Gainesville, Virginia.
This nearly $19 million-dollar project will span a 40,944 square-foot single-story facility to create a 64-unit community. Amenities will include multiple activity, dinning, entertainment, physical therapy, and sun rooms as well as a salon and dual 3,673 square-foot courtyards.
Patoka Capital and VisCap Development hope to fill the void of the currently undersupplied Gainesville memory care market. As of 2017, 124 units/beds were in demand and growing 9 beds per year while the established memory care communities in the area have maxed occupancy rates at 100%. The Sand Hill Memory Care Facility will help bring the market into balance and create opportunities for growth and new developments in the future.
“We have determined that the Gainesville market has very strong demand indicators for memory care development and we believe that VisCap’s record of leadership in the senior housing real estate industry has made them the clear choice of a partner to bring this much needed facility to the community.” - Chance Ragains, CEO, Patoka Capital.
About Patoka Capital
Patoka Capital is a closely-held private equity firm with a track record of partnering with management teams and successfully scaling businesses. Their sole mission is to build long-term value by acquiring and growing privately held businesses.
Patoka Capital is actively looking to partner with owners who are dedicated to ensuring the long-term success of their business. Patoka Capital invests a pool of its own committed equity capital and is not an institutional fund. They define success by the contributions they make to their customers, employees, stakeholders and the community. For more information visit www.patokacapital.com.
About VisCap Development
As a real estate developer, VisCap’s core mission is to source appropriate risk-adjusted real estate investment opportunities, implement a program to efficiently deploy investment capital, and manage the assets to harvest investor returns. VisCap’s hallmark is an ability to be a mission driven but flexible partner. The VisCap team of full time and affiliated resources provides the full suite of development services on an as needed basis.
The talented VisCap team has transformed thousands of acres, created landmark communities, successfully deployed hundreds of millions of dollars and enhanced the lives of literally countless community members. To learn more about VisCap Development visit www.viscapdev.com.