Two senior living operators based in Florida have affiliated, resulting in a portfolio of 34 communities in seven states, and an additional four communities that will open in the near-future. AgeWell Solvere Living acquired Sonata Senior Living, assuming ownership of the operating companies that manage Sonata’s 14 communities starting November 1. This development followed the merger of Solvere Living and AgeWell Living in January, which formed the new entity known as AgeWell Solvere.
The newly-acquired communities will continue to operate under Sonata’s branding, and many of these communities currently operate below occupancy stabilization levels. AgeWell Solvere plans to integrate its own programs, along with successful aspects of Sonata’s programs where applicable. AgeWell Solvere has an individualized approach to each community, generating semi-annual business plans for each community based on various factors, including their position in the local market.
While the specific terms of the deal were not disclosed, the company will operate under the name AgeWell Solvere out of North Palm Beach, and Sonata’s offices in Orlando will be retained. The 18-month goal is to grow to a size of about 40 to 60 communities.
