After a months-long process to gain ownership of a distressed Florida continuing care retirement community, Erickson Living announced today its ownership and management of Palm Beach Gardens-based Devonshire at PGA National and its continuing care neighborhood.
“We are proud and excited about bringing the Erickson Living lifestyle to southeast Florida and expanding our management portfolio to 17 campuses nationwide,” said Alan Butler, Erickson CEO. “We consider Devonshire to be a premier life care retirement community and its abundance of amenities and full continuum of care makes it a perfect addition to the Erickson Living network of communities.”
The company says its expansion in Florida improves its position as a senior living owner and operator.
Erickson announced in December it was approved to acquire the property, which in 2012 defaulted on nearly $160 million in debt following the nationwide housing crash. The company’s ownership, resulting from a pre-packaged bankruptcy deal, establishes a debt-free capital structure, which it says will position the community for long-term success.
Devonshire PGA National opened in 1999 and now comprises 327 independent living apartments and 124 luxury assisted living, skilled nursing and rehabilitative care residences. Amenities include valet services, concierge and premier dining options. Residents also have access to PGA National Resort & Spa amenities including golf, health and racquet club, croquet and spa.
“We are delighted to welcome Erickson Living’s leadership at Devonshire and have a renewed sense of security and optimism about the future of this fabulous community,” said Jack Head, chair of the Devonshire resident council.” “We know that our future is bright and together look forward to maintaining our 5-star position among independent living communities in Florida.”
Written by Elizabeth Ecker