Development advisory and construction management firm Drive Development partners is joining forces with Lloyd Jones.
The company specializes in senior living and multifamily development and “matches Lloyd Jones’ current $1 billion portfolio,” according to a press release announcing the move. As of April, Lloyd Jones had about 40 assets under management overall.
Drive Development’s Managing Partner Michael Hass is slated to join Miami-based Lloyd Jones as senior vice president of development, design, and construction.
As part of the deal, Lloyd Jones is taking over Drive Development’s office in Miami, Florida. Drive Development’s office in Phoenix, Arizona, is not closing, however, and will operate under the Drive name going forward.
Lloyd Jones also is building out its offerings to include fee-for-service development advising, owner representation as well as construction management, project consulting and program management.
The move comes on the heels of the news that Lloyd Jones is selling the majority of its multifamily portfolio in an effort to prioritize senior living.
Lloyd Jones’ senior living pipeline now includes one ground-up development in Florida under construction, with acquisitions in Minnesota, Nebraska and Tennessee. The company has a goal of acquiring 2,000 senior living units this year overall.