Life Care Services recently announced that it will provide management services to two Milwaukee, Wisc.-area continuing care retirement communities (CCRCs) and will acquire one of them.
The senior living operator will take on management of Newcastle Place in Mequon, Wisc. and Eastcastle Place in Milwaukee, Wisc. beginning around the first of October.
LCS and The Westminster Funds reached an agreement to acquire Newcastle Place for an undisclosed amount. The closing is expected to take place or around Sept. 30 of this year.
Milwaukee Protestant Home developed Newcastle Place and also owns Eastcastle Place.
“We are privileged to serve as owner and manager of this well-respected senior living community,” says Rick Exline, Executive Vice President, Director of Operations Management. “We are fully aligned with the Milwaukee Protestant Home’s commitment to health, wellness, dignity and respect for those who call Newcastle Place home.”
Newcastle Place offers a continuum of care and has 130 independent living apartments, 29 carriage homes, 36 assisted living residences, 16 memory care rooms, and 47 skilled nursing beds. Other community amenities include an aquatic, spa, and wellness center with trainers; two restaurant-style dining venues; library; game room; interfaith chapel; and beauty salon/barbership.
By selling Newcastle Place, the Milwaukee Protestant Home is able to further its strategic plans for Eastcastle Place. A portion of proceeds from the sale will be allocated to renovations of the Eastcastle community, another CCRC with 117 independent apartments, 39 assisted living residences, 18 memory care rooms, and 40 skilled nursing beds.
“We chose to affiliate with LCS because it allows us to continue our mission and 125 year history of service to Milwaukee area seniors,” says Carmen Witt, chairman of the board of directors of Milwaukee Protestant Home. “We’re not just turning the keys over. It is a true collaboration of organizations with like cultures, philosophies of care and service to residents. The sale of Newcastle Place strengthens the cash position of both communities, and allows us to move into the future with confidence.”
Written by Alyssa Gerace