3 Senior Living Communities Acquired for $15.7 Million
Pennsylvania-based Lake Erie College of Osteopathic Medicine (LECOM) has acquired three senior living communities for $15.7 million.
As part of its commitment to wellness for this age group, LECOM has purchased Parkside Senior Living Communities with its three independent living and personal care facilities, located in Erie, North East and Millcreek, Penn.
According to local reports, Regency at South Shore in Erie was acquired for $7.9 million; Parkside at Westminster in Millcreek Township was acquired for $4.3 million; and Parkside at North East was acquired for $3.5 million.
Regency at South Shore is a three-story, 116-unit building with 70 licensed personal care units. Parkside at Westminster is a three-story, 76-unit apartment building and independent living community. And Parkside at North East is a 51-unit, split-level building with two levels on one side and three on the other. Twenty apartments are personal care units and the rest are independent living.
With the addition of these communities, LECOM will now offer a full continuum of care from independent living and personal care apartments to skilled nursing care and outpatient services under the direction of the LECOM Institute for Successful Aging.
“This creates a healthy and proactive environment that values keeping older adults independent in their decisions though each part of the continuum,” said James Lin DO, director of the LECOM Institute for Successful Aging. “LECOM is continuing to embrace its commitment to provide high-quality, ethical and empathetic resident-centered care to serve the needs of a diverse population.”
WESTliving Expands Portfolio With Latest Acquisition
Carlsbad, California-based WESTliving — an owner and operator of senior living communities in the Pacific and Southwest regions of the country — has acquired Oakdale La Mesa, an independent, assisted living and memory care community in La Mesa, Calif.
With 121 assisted living and 59 memory care apartments, the acquisition of Oakdale of La Mesa provides an additional 180 senior living apartments to WESTliving’s portfolio of nine communities throughout California, Washington and Arizona.
The purchase price was not disclosed.
Columbia Pacific Advisors Seeds UK Residential Care Provider
Columbia Pacific Advisors, LLC, a Seattle-based alternative investment firm, has announced an investment in The Glenholme Healthcare Group, Ltd., a U.K.-based adult specialist care provider.
Over the next five years, Glenholme intends to acquire, reposition and develop residential facilities throughout the U.K. for elderly post-op rehabilitation and adults with complex mental health issues, learning and physical disabilities.
Columbia Pacific Advisors’ opportunistic strategy that funded the investment pursues a flexible investment mandate, providing stable capital and strategic guidance to companies involved in special situations.
“We believe Glenholme’s outstanding management team has a compelling opportunity to address increasing demand for well-rounded health and learning disability services,” said Alex Washburn, managing partner of Columbia Pacific Advisors and portfolio manager of the opportunistic strategy. “There is an increasing need within the U.K. health system for specialized services for individuals with complex care needs and Glenholme is well-positioned to develop new facilities and add value to existing outdated properties.”
Headquartered in London, Glenholme was established in 2011 when Life Works Community Ltd., a private drug and alcohol addiction center, merged with Glenholme Mental Healthcare Ltd., a residential mental health care home, and Green Oak Living Solutions Ltd., a supported living service for adults with learning difficulties.
The merger created a dual-diagnosis program for mental health recovery led by health care specialist Kent Phippen, who began his career at Hillhaven Corporation with senior housing industry veteran and Columbia Pacific founder Dan Baty.
“The Columbia Pacific team brings complementary expertise and tremendous credibility to our venture, and we are eager to leverage that expertise and resulting network to execute on our strategy,” said Phippen, Glenholme’s chairman. “In addition to the specialist mental health efforts, the group intends to develop elderly care facilities with specific emphasis on post-op rehabilitation.”
Leisure Care Establishes Management Partnership with Auctus Capital Partners
Seattle-based Leisure Care, a One Eighty brand and one of the nation’s largest privately held senior housing management companies, continues to expand by partnering with Auctus Capital Partners to manage two local retirement communities in Ballard and Bellevue in Washington state.
Sagebrook Senior Living is owned by Auctus Capital Partners, a real estate investment firm focusing on acquisition, turnaround and asset management of senior housing communities in the Western United States. Auctus acquired Crossroads Retirement Center and Ballard Manor to establish the Sagebrook Senior Living brand.
“This partnership with Auctus gives us the ability to manage communities in the hot Seattle market and add to our existing community in Bellevue,” says Dan Madsen, CEO of Leisure Care. “The new communities will offer independent living, assisted living and the Bellevue community will offer memory care. There is a pent up demand for more services for seniors and we are looking forward to providing Leisure Care’s Five-Star Fun lifestyle.”
Sagebrook Senior Living in Bellevue, formerly Crossroads Retirement Center, is undergoing a full renovation, including the addition of apartments and a fresh interior and exterior remodel. The 108-unit building offers independent and assisted living, and will introduce 22 new memory care apartments, which will open in summer 2015.
Renovations have begun on the second community in Ballard. The location will feature a first floor remodel that will open up the building and add a new bistro and bar for residents and their families. The units will undergo a renovation to take advantage of their spacious size and balcony views to downtown Ballard. The exterior of the building will get a new look, along with an addition and enhancement of the property’s outdoor living space.
California Assisted Living, Memory Care Community Sells for $16.5 Million
Greystone, a real estate lending, investment and advisory company, recently announced its Real Estate Advisors group has closed the sale of Alta Manor seniors community in Roseville, Calif. DiNapoli Capital Partners of Walnut Creek, Calif., acquired the property for $16.55 Million from an independent owner on April 1, 2015.
Built in 2008, Alta Manor currently comprises 86 units, 60 of which are designated for assisted living residents and 26 of which are designated for memory care residents. The community is over 70% occupied.
“There has been a flurry of interest in assisted living communities across the U.S., and with the additional memory care services at Alta Manor, this property will surely serve as a valuable addition to DiNapoli Capital Partners’ portfolio,” said Mike Garbers, a managing director of Greystone Real Estate Advisors, who led the sale.
DiNapoli Capital Partners plans to reposition the property within the market, change the product mix and spend a substantial amount of capital expenditures including items such as unit renovations, common area upgrades, improved signage and FF&E in order to meet resident expectations within the Roseville marketplace. This transaction serves as the privately held real estate investment firm’s fourth senior housing acquisition.
Commonwealth Assisted Living Acquires Meadow Glen of Richmond
Commonwealth Assisted Living announced recently that it has acquired Meadow Glen of Richmond, Va., an assisted living community, from Meadow Glen of West End, L.P.
The community will be rebranded as Commonwealth Assisted Living at the West End and will become the operator’s 21st senior living community in Virginia.
“We’re thrilled to add this community to the Commonwealth family,” said Richard Brewer, CEO of Commonwealth Assisted Living. “Commonwealth Assisted Living at the West End will offer exceptional and compassionate care in a home-like atmosphere. We look forward to undertaking a number of improvements that will be able to better meet the evolving needs of our residents.”
Commonwealth plans to make immediate upgrades to the community, including new furniture, paint and carpet. The community also will see more significant improvements and renovations, including additional assisted living apartments as well as a secured memory care neighborhood.
This community marks the second Commonwealth community in the Richmond region. It joins Commonwealth Assisted Living at Chesterfield, which was acquired in 2014 and has undergone significant renovations and expansion.
One of Virginia’s largest providers of assisted living and memory care services, Commonwealth expects further growth and additional acquisitions in 2015.
“We’re pleased to have the opportunity to expand our presence in the Richmond region,” Brewer said. “We continue to explore adding new communities around Virginia as we grow to serve the needs of seniors and their loved ones.”
Written by Emily Study