Lifespace Communities has acquired Fairview Village, a Continuing Care Retirement Community (CCRC) located in Downers Grove, IL.
The community joins Lifespace’s other 11 locations that span across seven states. Expected to close on August 1, the community will receive a new name.
“Following a detailed analysis, we determined that it just made sense within our strategic long-range plans of slow and steady growth to purchase Fairview Village,” said Scott Harrison, Lifespace president & CEO. “Fairview Village has a similar mission and commitment to the continuing care lifestyle, so this is a good fit for our organization.”
As new owners, Lifespace intends to embark on some initial capital investments to Fairview Village, which will include upgrades to the mechanical and electrical systems in the Health Center, and to provide for a complete renovation of that building.
“We intend to honor existing resident contracts, and any refund obligations will be paid according to those existing contracts,” added Harrison. “Staff will transfer employment to Lifespace Communities, including our wage and benefits program.”
Lifespace Communities also owns and operates another Chicagoland senior living community,
Beacon Hill, located in Lombard, which is about seven miles north of Fairview Village. Having two communities in such close proximity will allow for a unique synergy between the two in terms of operations. “With Fairview Village and Beacon Hill so close together, we’ve appointed Blaire Goldstein as senior executive director for both communities,” noted Harrison.