A large seniors housing community in Lexington, Kentucky, sold with the help of the team at Newmark. Built in 1986 and renovated in both 2015 and 2022 (a significant $6 million renovation in 2022), Richmond Place features 257 units of independent living, assisted living and memory care. There are 183 IL, 60 AL and 14 MC units. We understand the property improved its operations in the last couple years, now exceeding prepandemic occupancy and nearing 95%. With a healthy rate increase pushed through in 2023, we imagine its operating margin has improved as well.
It has most recently been operated by LCS but was previously managed by Brookdale Senior Living for many years. American Retirement Corporation (which was acquired by Brookdale in 2006) bought the property in 1995 for $10.3 million, according to the LevinPro LTC database, and ARC expanded the property after that. Eventually, the property came under the ownership of HCP, Inc. (now Healthpeak Properties) before Blackstone acquired the asset as part of a larger 64-property portfolio deal in 2017. The buyer was Ventas.
