Life Care Services is now managing 10 senior living communities owned by an affiliate of Lone Star Funds, according to an announcement made on Monday.
The combined communities, located across Michigan, Ohio and Minnesota, include a total of 1,079 total apartment units. That’s broken down to include 300 independent living, 455 assisted living and 324 memory care units, with the management agreement having started on April 1.
The brands of the communities Life Care Services is managing include The Avalon and Havenwood.
“Life Care Services brings our strong record of operational excellence and passion for seniors to build on the services already in place for the residents living in these 10 communities,” LCS President and COO Chris Bird said in a statement.
LCS is the nation’s third-largest senior living provider overseeing 135 communities nationwide.
With the new management agreement, teams will focus on marketing efforts at both the Avalon and Havenwood communities to grow occupancy, according to Traci McBee, corporate communications director for LCS. McBee also added the communities had “great team members and are already best in class in many ways.”
“As we grow at LCS, we look for the right partners and scale that make sense for us to deliver the type of award-winning services we are known for,” McBee said. “The opportunity with Lone Star Funds checked the right strategic boxes for our continued expansion as an organization.”
Lone Star appears to have purchased the five Havenwood communities from Roers Companies last year for $160 million, with a plan at the time for Grace Management to operate the communities. Grace also appears to have as recently as 2021 managed the other five Avalon communities Life Care Services now operates.
In January of last year, LCS completed a planned recapitalization with new investor Redwood Capital Investments, along with renewing its ownership interests of McCarthy Capital and LCS employee shareholders.
At the time, LCS President and CEO Joel Nelson told Senior Housing News that the recapitalization positioned the organization “for the next 50 years of serving seniors.”
In 2021, Life Care Services assumed management of six communities owned by Rose Senior Living.