After a busy year with at least seven acquisitions made in the seniors housing space, Lloyd Jones finished 2022 with the purchase of four seniors housing communities in the states of Ohio, Texas, and Massachusetts. Its operating company AVIVA Senior Living will operate all four locations and rebrand them as AVIVA communities.
Built in 1992, Glendale Assisted Living comprises 50 units and 70 beds in Toledo, Ohio. The other Ohio community was Canton, Ohio-based The Landing of Canton, which comprises 80 units of assisted living and memory care. The community offers one and two bedroom residences with 60 assisted living units and 20 memory care units, the community offers 91 beds and is licensed to expand up to 150 beds.
The Texas community is Quail Park of Granbury, a 75-unit independent living, assisted living, and memory care community in Granbury, Texas (Dallas MSA). We profiled the deal in September, when it was revealed that JLL Capital Markets’ Charles Bissell and Dean Ferris represented the seller in the transaction. The community sits on nearly 30 acres of land and comprises two buildings: one offering 41 independent living units and 15 assisted living units, and one dedicated to 19 memory care units. Finally, the Massachusetts community is Country Club Heights, which was built in 1980 and stands seven stories tall in the Boston suburb of Woburn. Country Club Heights comprises 104 units including 83 assisted living and 21 memory care. The community will also receive $4 million of capex upgrades.
These acquisitions are part of the plan for Lloyd Jones to rapidly expand its 11 holdings in the senior living space, and the company expects to reach 5,000 units by the end of 2023.
