The Stayton
Nonprofit senior living provider Buckner Retirement Services has acquired The Stayton at Museum Way, a senior community in the So7 development off of West Seventh Street near Trinity Park on the near West Side.
Terms were not disclosed.
The Stayton will be the seventh senior living community owned and operated by Buckner in Texas.
The anticipated closing date for the purchase is June 2024 but could occur as soon as late April, according to a press release. The transaction provides for the full assumption by Buckner of all resident agreements and entrance-fee refund obligations, and a significant reduction in The Stayton’s bond indebtedness.
“The Stayton is a vibrant community, and we look forward to partnering with Buckner to carry our community forward,” said a spokesperson for The Stayton in a statement. “Our focus has been on identifying a buyer that upholds our values and is committed to acting in the best interests of our team members, residents and their families.”
The Stayton is an 11-story continuing care retirement community featuring 188 independent living units, 42 assisted living units, 20 memory care units and 46 skilled nursing units. The community is a not-for-profit, 501(c)(3) organization.
The seller, Lifespace Communities, acquired The Stayton in 2019. A Lifespace official said the company would be “partnering with Buckner to ensure a seamless transition for our residents and team members.”
Buckner Retirement Services, founded in 1954, is a faith-based, nonprofit organization that owns and operates six other continuing care retirement communities in Texas, including in Dallas, Houston, and Austin. It is part of Buckner International, a faith-based ministry serving more than 350,000 people each year in Texas and six countries worldwide, according to a press release.
“We are confident Buckner will continue our commitment to delivering the care and lifestyle our residents rely on, while also discovering new ways to enhance our community,” The Stayton official said. “I’m enthusiastic about the future of The Stayton, and I am grateful for our valued team members and leadership team who have supported us through this process.”
So7 is a 25-acre mixed-use development by UC Urban in Dallas.
The Stayton, which sits on 2.5 acres, opened in 2011, delayed by more than a year because of difficult financing in the tight credit markets of the Great Recession.
“Our top priority is building relationships with The Stayton’s employees and residents, welcoming them to Buckner, and helping ensure the transition is a smooth and positive experience,” said Charlie Wilson, president of Buckner Retirement Services.
“Acquiring The Stayton is an opportunity to support and enhance an already beautiful and culturally rich community with our mission to follow the example of Jesus through service and our vision of service excellence. The Stayton is a natural fit with Buckner based on the service we already provide in DFW, and our values of faith, integrity, respect, service, and teamwork.”