Logos Living Capital, a New York based private equity firm focused on senior housing, acquired eight communities formerly managed by Commonwealth Senior Living as an extension of its rapid growth on the East Coast.

The newly acquired communities, which will be managed by Viva Senior Living, are located in Maryland, Tennessee and Virginia; and were previously owned by health care real estate company Invesque (TSX: IVQ.U and IVQ), which recently agreed to sell its interest in Commonwealth Senior Living and more than two-dozen communities operated by the company. Invesque first acquired the senior living operator in 2019 for $340.4 million. 

The transaction is also a “significant step” for Viva Senior Living’s growth plans in growing its management platform, Viva Senior Living, COO Chris Metternich told Senior Housing News.

The first seven communities as part of the deal were sold for $65.4 million total, which equated to $184,000 per apartment. Logos Living Capital is also still finalizing the acquisition details of the eighth community, which is now under management by Viva Senior Living following the acquisition.

All communities in the transaction are now under Logos Living Capital’s ownership and managed by Viva Senior Living, and Metternich said the move expands the Norwood, New Jersey-based company’s footprint and brand recognition in multiple states.

“It aligns with Viva’s strategic growth plans to increase presence in key regions in the East, Southeast and Midwest markets while strengthening what we believe positions us as a growing provider in the senior living industry,” Metternich said.

Viva Senior Living manages over 30 communities throughout the East and Southeast U.S. offering independent living, assisted living and memory care services.

Following the acquisition by Logos Living Capital, Viva will bring its operational practices to the newly added buildings, he added. The new communities under the Viva banner also will implement new services and the company’s aging-in-place care model.

“Staff and resident communications will be a priority to ensure a seamless experience during the ownership change,” Metternich said.

Viva communities operate with autonomy with executive directors acting as a “community CEO,” helping to drive operating performance and meeting high resident care standards, Metternich added.

Correction: This article previously misstated that Viva acquired these communities from Invesque. That was incorrect. Logos Living Capital, a New York based private equity firm, was the purchaser of the portfolio from Invesque. Viva Senior Living is managing the communities. Senior Housing News regrets the error.