Saint Therese announced it will acquire a seniors housing community in the Cleveland, Ohio MSA, with the transition of ownership expected to occur December 1. This announcement comes after Saint Therese divested a seniors housing community in Minnesota earlier this year. This is also the second acquisition for Saint Therese in two years and its second in the region, following the purchase of a seniors housing community in Michigan last year.
Built in 2005 by another Catholic not-for-profit, St. Mary of the Woods is a 179-unit CCRC with 81 independent living units, 49 assisted living units and 50 skilled nursing beds. The five-star campus sits on 25 acres with six acres zoned for potential future expansion. Saint Therese intends to hire all existing 200+ employees with this acquisition.
The seller was Atrium Centers, LLC, which acquired St. Mary in 2012 from Franciscan Sisters of Chicago Service Corp after they filed for Chapter 11 bankruptcy in 2011, according to records at U.S. District Court in Cleveland. Atrium purchased the facility through a court-approved auction for more than $16.68 million, or $94,800 per unit, according to records from the court and Lorain County Auditor’s Office.
Earlier this year Saint Therese engaged Blueprint in its divestment of its CCRC in New Hope, Minnesota. Originally built in 1967, Saint Therese of New Hope comprises 221 independent and assisted living units and 168 skilled nursing beds. Starting in 1979, the community underwent extensive senior living expansion and renovation projects over the years. In 2003, it also became the first in the Midwest to offer a palliative care unit.
Michael Segal and Daniel Waldhorn handled that divestment. After multiple rounds of bidding, Compass Healthcare was selected as the ultimate successor, which rebranded the campus as Woodlake Healthcare and Rehabilitation Center and Woodlake Residences. Saint Therese continues to provide spiritual and pastoral care for the residents.
Lastly, in 2023, Saint Therese acquired IHM Senior Living Community in Monroe, Michigan, as its first seniors housing community in the state. IHM is a CCRC with 19 independent living units, 143 assisted living units and 58 skilled nursing, memory care and transitional care rooms. The seller was Servants of the Immaculate Heart, and, Sister Jane Herb, the President of Immaculate, assumed a seat on the Saint Therese Board of Directors.
