Through a number of partnerships, Solvere Senior Living expanded its presence in three states by taking over management of three to-be-built assisted living/memory care communities in Florida (2) and Texas, and two existing independent living communities in Virginia. New Jersey-based Solvere has steadily grown its portfolio since its launch in 2009, with five senior living communities in five states (Virginia, West Virginia, Maryland, New York and Indiana) that it operates as either a third-party manager or an equity partner. However, by the end of 2018, Solvere expects to add five more properties to its portfolio. Lindell Investments, Inc. partnered with Solvere to develop the communities in Brandon (89 AL and 49 MC units) and Westchase, Florida (64 AL and 37 MC units), with Pridgen Development, LLC also investing in the former.
Meanwhile, Dallas, Texas-based Bridgeview Realty Capital, LLC is developing the Fredericksburg, Texas community, with 60 AL and 24 MC units. Altogether, the three ground-up projects will cost nearly $90 million, or about $280,000 per unit, but it may not stop there, as Bridgeview Realty Capital has a 10-property development pipeline planned, with Solvere in mind as the operating partner. Solvere also assumed management at two existing IL communities, with 238 total units, in Glen Allen (Richmond MSA) and Williamsburg, Virginia, both owned by an affiliate of private equity real estate investment firm, Green Courte Partners, LLC.