Partnership with Compatriot Capital marks new chapter for senior living developer
Dallas, TX (October 3, 2022) — Marking a new chapter in its growth, Silverstone Senior Living announced today that Compatriot Capital, a diversified real estate company and wholly owned subsidiary of Sammons Enterprises, Inc., has acquired an equity interest in the Dallas-based senior living developer. Silverstone was founded by long-time business partners Denny Alberts and John Goff in 2012.
“We are thrilled to welcome a solid and well-respected capital partner into our Silverstone family,” said Denny Alberts, founder, and co-chief executive officer of Silverstone Senior Living. “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.”
Currently, Compatriot Capital is Silverstone’s largest limited joint venture partner with investments in the company’s Washington, D.C. area projects currently in development.
“We are extremely impressed with Silverstone’s growth over the last ten years and the team that my long-time industry colleague and friend, Denny Alberts, has been able to assemble,” said Mark Van Kirk, president of Compatriot Capital. “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.”
Silverstone Senior Living was established in Dallas in 2012 by hospitality and real estate veterans Denny Alberts and John Goff, who had held executive roles at Crescent Real Estate Equities, Inc. Currently, Crescent is an investor in Silverstone. Silverstone initially invested in assets in Texas and Florida. In 2015, the company entered the D.C. market and in 2016 hired Bobby Zeiller, Silverstone’s co-chief executive officer, who conceptualized the development plan for the initial phase of investments in Rockville, MD, Fairfax, VA and Alexandria, VA. The company is currently working through plans on the second phase of investments including additional sites in Northern Virginia and Montgomery County, Maryland. Silverstone’s development portfolio is valued in excess of $1 billion.
Alberts continued, “I am extraordinarily proud of the relationships that I have built over the years but none greater than those with my real estate industry colleagues and now partners, Mark Van Kirk and John Goff. With Bobby leading the way and our strong balance sheet, we are primed to be a major force in the senior living industry.”
ABOUT SILVERSTONE SENIOR LIVING
Silverstone Senior Living develops high-quality senior housing communities, which provide independent living, assisted living and memory care services in Texas, Florida, and the Mid-Atlantic states. The principals of Silverstone have extensive experience and an excellent record of accomplishments in the real estate industry. This experience includes designing, developing, managing, operating, and owning premier properties throughout the nation and across all the major asset platforms for both public and private companies. Silverstone is committed to developing and operating “best in class” communities that are as comfortable as home, luxurious as a country club, and provide the highest level of care. www.silverstoneseniorliving.com
ABOUT COMPATRIOT CAPITAL
Compatriot Capital is a diversified real estate company. Currently, Compatriot maintains entity-level investments in real estate companies which develop and operate projects in the commercial office and multi-family sectors, acquire and manage neighborhood shopping centers, as well as provide multifamily property management services for third-party owners. Entity-level investees include KDC, JLB Partners, Albion Residential, Gerrity Group and Village Green. Compatriot also owns and continues to grow a portfolio of long-term hold properties. www.compatriotcapital.com
ABOUT SAMMONS ENTERPRISES, INC.
Founded in 1938, Sammons Enterprises, Inc. is a diverse holding corporation that owns and operates companies in three core business sectors – financial services, equipment distribution and hospitality and real estate – and is dedicated to building the world’s premier ESOP-owned company through a commitment to high ethical standards, industry-leading businesses, solid financial performance, and a true values-based culture, where every person makes a difference. The company also pursues a broad class of opportunity-type investments. Headquartered in Dallas, Texas, with assets in excess of $130 billion, Sammons Enterprises consistently ranks in the top 150 on Forbes’ “America’s Largest Private Companies” list.
FOR IMMEDIATE RELEASE
October 3, 2022