Clearwater Living has acquired four senior living communities in the Phoenix area, marking the company’s first venture into Arizona and Liv’s overall exit from the industry.
The portfolio consists of 554 IL, AL and memory care units previously owned and operated by Liv Communities and marketed under the brand name LivGenerations. With the sale, Clearwater has nine operational communities in Arizona, California and Nevada.
Liv Communities is with the transaction pivoting to focus on its multifamily communities, a representative told Senior Housing News.
Clearwater acquired the communities in partnership with PGIM, with Newmark serving as broker to the transaction. The terms of the deal were not publicly disclosed.
Newport Beach, California-based Clearwater has rebranded the communities but has retained six LivGenerations leaders to join its team and assist with the transition, according to Clearwater Living President and COO Danielle Morgan. Among them is Cara Baldwin, who worked as vice president of hospitality at LivGenerations and took on a culinary vice president role with Clearwater in November, according to her LinkedIn profile.
“The reason why this portfolio was so attractive to us was not only the alignment of the style of the communities — they’re class A trophy assets — but also culture alignment,” Morgan told Senior Housing News. “Acquisitions can be really tough when you’re having to make a change and a shift in culture. [In this case], the alignment was already there.”
Clearwater is also growing in ways other than through acquisitions. The company currently has 318 units under construction at a site in California, with more openings planned next year and in 2024.
And the company’s expansion is just beginning, according to Morgan. Giving her confidence in the operator’s strength is the fact that it was able to manage three community openings during the worst of the Covid-19 pandemic and experienced strong lease-up that beat performance expectations.
“It’s because we’ve been so selective in the markets that we enter into and we have a best-in-class product from the design of the community to the programs, health care and services that we provide,” said Morgan.
Looking ahead, Clearwater plans to maintain and grow its presence in markets in southern California, Phoenix, Reno, Nevada and other parts of the western U.S.
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