American House Senior Living Communities is growing its presence with several new acquisitions this week that will not only make it one of the largest providers in the Midwest, but in the nation as well.
Monday, American House announced the acquisition of four properties from Oak Crest Communities, a Jenison, Mich.-based provider. In total, the four acquired properties comprise 532 units and include independent, assisted living and memory care. Located in West Michigan, the four sites are Holland, Spring Lake, Jenison and Kentwood.
Upon completion of the transaction, which American House declined to disclose, the company will have nearly 4,300 senior living units across nearly 40 communities, making it one of the top-25 largest senior living providers in the U.S., according to rankings released this spring by the Assisted Living Federation of America (ALFA).
Following the transaction’s close, the acquired properties from Oak Crest will be branded as American House communities (American House Holland, American House Spring Lake, American House Jenison and American House Kentwood).
“The growth strategy of American House will take us throughout the Midwest, and recently into Florida with new developments in Bonita Springs, Estero and Ft. Myers,” stated Dale Watchowski, president and CEO of American House and REDICO, a national real estate development and investment company.
The Bonita Springs project, which is currently under construction, totals 132 units, while project plans for Estero call for 194 total units. Additional developments in Fort Myers and Naples could have around 200 units on average, according to comments Watchowski made earlier this year.
The American House-REDICO affiliation began about seven years ago when REDICO, which already had experience in healthcare—primarily hospitals and medical office buildings—decided to enter the senior housing sector.
REDICO, who also had experience in South Florida, provided an expansion platform for American House to grow operations outside of the Midwest.
“However, we want to continue growing in Michigan, our home market,” Watchowski added.
To facilitate its growth outside of Southeast Michigan, the company’s strategy has included recent acquisitions in Charlevois and Petoskey, in Northern Michigan, as well as an acquisition earlier this year in Grand Rapids.
With Monday’s transaction, all but two Oak Crest properties remain, The Lodge at Allen Springs and The Cottages at Allen Springs, both located on the same campus in Jenison, according to the company’s website.
“Our mission to move in this direction was done thoughtfully, and with careful consideration for the long-term,” said Oak Crest President Chuck Schipper in a written statement.
Founded in 1978, Oak Crest has since established a presence as a provider of senior housing and care services in West Michigan.
“American House has a similar history and commitment to senior care as our family has had over the last 35 years,” Schipper added.
American House Holland features 162 independent living, assisted living and memory care apartments over a total of seven buildings. American House Spring Lake also includes seven buildings that house its 118 independent, assisted living and memory care units.
American House Jenison is comprised of nine buildings which include 192 independent living, assisted living and memory care apartments, while American House Kentwood features 60 assisted living and memory care apartments in two buildings.
In total, the four campuses encompass approximately 450,000 gross square-feet.
Written by Jason Oliva
Latest Senior Housing News Research