Senquest Senior Living Buys Ohio Community for $12 MIllion
Senquest Senior Living, the senior housing business of Titan Real Estate Investment Group Inc., recently acquired an independent and assisted living property near Akron, Ohio for $12 million.
Liberty Residence I and II have a total of 137 units which were 91% occupied at time of sale. The transaction was brokered by Marcus & Millichap’s Jacob Gehl.
Senquest is expanding its senior living portfolio and plans to invest $100 million in properties this year, the company said in a statement.
“Liberty Residence is located in a community where residents have lived most of their lives, nearby loved ones, and offers comfortable housing in a healthy, enjoyable environment that provides all the services older adults want and need to continue living independently as they age,” said Doug Allen, Senquest’s head of acquisitions. “Properties like this will help us realize our investment philosophy that senior housing is more than just a business, providing an appropriate residential solution that ensures our parents and grandparents retain a comfortable lifestyle of independence and dignity, consistent with their health and mobility status.”
Providence Life Services Sells Senior Community to FNR Healthcare Group
FNR Healthcare Group, a Chicago-based owner and operator of care communities, has acquired South Holland Campus for an undisclosed amount through its affiliate, FNR South Holland LLC, effective in May.
South Holland offers independent living, assisted living, skilled nursing, and rehabilitation services, and FNR South Holland LLC will take over ownership of the real estate and Villa Healthcare operations. Occupancy at time of sale in its 138-bed skilled care facility was 84%, while Holland House, its 259-unit assisted living and independent living building, had a 69% occupancy rate.
Providence Life Services, the previous owner and operator of the community, will retain its ministry in South Holland through its “Providence at Home” home health and hospice provider, based out of Holland Home.
“After strategic long-range planning and a thorough review of the organization’s fiduciary responsibilities, Providence Life Services’ Board of Directors and Board of Governors both unanimously agreed to divest ownership of our South Holland community,” said Arnold Koldenhoven, Providence Life Services Board Chair. “This decision did not come easily. After diligent consideration, we determined that this decision offered Providence Life Services the opportunity to better serve more people in the future.”
The new owners have agreed to honor current residents’ contracts, including discounted and free care to current residents, and plan to retain and hire existing staff.
“We are pleased to assume the operations in a vibrant community like South Holland, which is rich in the tradition of faith and family,” said Mark Berger, Operator for Villa Healthcare. “We also intend to continue the excellent relationship Providence has with Ingalls Hospital as a partner in rehabilitation
Assisted Living Concepts Shareholders Approve TPG Acquisition
Assisted Living Concepts (NYSE:ALC) stockholders voted in a special meeting on Thursday to approve the sale of the company to affiliates of private equity firm TPG. Under the terms of the merger agreement, ALC stockholders will receive $12.00 in cash for each share of Class A common stock, while holders of ALC’s Class B common stock will receive $12.90 in cash per share.
More than 81% of the voting power of shares of ALC’s common stock held by stockholders, and more than 61% of the voting powers of shares of ALC’s Class A common stock held by unaffiliated stockholders, were voted in favor of approval of the merger agreement.
More than 77% of the voting power of shares of ALC’s common stock held by all stockholders voted in favor of the proposal to approve, on a non-binding, advisory basis, the compensation that may be paid or become payable to ALC’s executive officers in connection with or following the consummation of the merger.
USA Properties Fund Buys Senior Housing Community for $10.9 Million
USA Properties Fund Inc. recently completed the $10.9 million acquisition of Huntington Plaza Apartments, a 184-unit senior housing community in central Los Angeles County.
The Roseville, Calif.-based developer plans to spend about $4.6 million to renovate the apartments, which are available to low-income seniors aged 55 and older who earn 50-60% of the area median income for Los Angeles County.
USA Multifamily Management, an affiliate of USA Properties Fund, will manage the property, which had a 97% occupancy rate at time of sale.
The Carlyle Group Acquires Pompano Beach Retirement Community
Global alternative asset manager The Carlyle Group announced Thursday that it has acquired The Preserve at Palm-Aire Retirement Community, a four-story, 298-unit independent and assisted living community in Pompano Beach, Florida.
Seattle-based Leisure Care, a One Eighty company, was hired by The Carlyle Group to manage the property. The Preserve at Palm-Aire is Leisure Care’s second community in Florida and fourth management contract with The Carlyle Group, coming on the heels of the acquisition of The Camellia at Deerwood in Jacksonville in August 2012.
“We’re excited to continue to grow in the Florida marketplace and introduce our culture of Five-Star Fun to the residents and staff of The Preserve,” said Leisure Chairman & CEO Dan Madsen in a statement.
The Preserve at Palm-Aire features four floors of studio, one, and two bedroom suites as well as eleven free-standing villas. Leisure Care will continue to offer the community’s full range of services, which include restaurant-style dining, a fitness center and assisted living services.
The community will now have access to Leisure Care’s signature programs, including PrimeFit total fitness and full-service in-house travel agency, Travel by Leisure Care. There are also plans to add a memory care unit.
Signature Acquires Six SNFs from Kindred
Signature Healthcare LLC, a Louisville-based long-term care provider, has acquired six skilled nursing facilities from Kindred Healthcare, Inc. (NYSE: KND).
All of the acquired properties are licensed-bed skilled nursing facilities, three of which represent Signature’s entry into the Indiana marketplace. Some of the facilities’ names already reflect the company’s new ownership.
Signature Healthcare of Lebanon, Indiana, is a 138-bed facility located in central part of the state, northwest of Indianapolis.
Signature Healthcare of Terre Haute, Ind., is a 207-bed skilled nursing facility; and Signature Healthcare of Muncie is a 180-bed facility also in the state.
The remaining three properties are located in Kentucky.
They are Signature Healthcare of North Louisville, a 120-bed facility; The 106-bed Oakview Nursing & Rehabilitation Center in Calvery City, Ky.; and Fountain Circle Care & Rehabilitation Center, a 183-bed home located in Winchester, Ky.
The buildings will undergo some aesthetic changes and modifications, the company announced in a release, with Signature’s programming and culture integrated into each.
“We are continuously exploring potential growth opportunities, and we felt these buildings and communities were a great fit for Signature’s culture and business model,” said Joe Steier, Signature’s president and CEO, in a statement.
While the acquisition price was not disclosed, the transaction will increase Kindred’s total number of employees to roughly 14,000 workers in seven states.
Following the acquisition, Signature Healthcare not has 78 nursing centers.
“We’re already getting acquainted with out new Signature stakeholders who are so dedicated to serving the residents and families in these towns and cities, and we’re proud to become a valuable contributor to each of these communities,” said Steier.
Silverchair Parent Acquires Compliance Training Platform
Relias Learning, the parent of Silverchair Learning Systems, today announced that it has completed its acquisition of Care2Learn from VectorLearning.
The acquisition provides Relias with an expanded suite of e-learning content, further establishing the company as a leading provider of training to the senior care industry in North America.
Relias Learning provides user-friendly online training solutions to the senior care industry, serving more than 2,500 organizations with over 1,000 training content modules to improve compliance and eliminate “record keeping headaches.”
“Care2Learn serves an outstanding group of providers, and is supported by a team that has been committed to creating world-class content, learning management solutions and support for the senior care industry,” said Jim Triandiflou, CEO of Relias Learning. “We are looking forward to welcoming the Care2Learn employees and clients to the Relias family.”
Through an online education management system, Care2Learn offers post-acute providers a complete curriculum of in-service and CE-approved courses for compliance training. Over 500,000 healthcare professionals rely on Care2Learn’s library of more than 770 courses, including over 500 accredited courses spanning more than 17 disciplines.
“By combining with Relias Learning, our Care2Learn clients will have access to an expanded set of content and functionality, ” said Tom Wallace, CEO of VectorLearning. “In addition, we believe the industry will now be able to truly leverage the benefits that come from e-learning and premium content to ensure corporate compliance, quality assurance and ultimately the best care available.”
The combined companies’ e-learning solutions and content will serve more than 3,500 organizations and nearly 2 million professionals in independent skilled nursing facilities, CCRCs, assisted living providers, home health agencies, as well as therapy and rehabilitation provider.
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