Nearly a decade on from its last New England acquisition, Capital Health Group added three senior living communities in Rhode Island to its portfolio. The private equity firm has big plans for the properties, expecting to reposition them through $14.9 million in extensive renovations and a change to the programming mix to better meet market demand. Totaling 371 units and 385 beds, the communities currently offer independent living, assisted living and memory care units at locations in East Greenwich, Johnston and Riverside.
Capital Health Group’s affiliated management company, Milestone Retirement Communities, will take over operations and oversee the repositioning project. This deal likely is not the company’s last in New England, as management looks to expand its presence in the Northeast.