Logos Living Capital acquired a seven-property seniors housing portfolio from Invesque. The communities were previously managed by Commonwealth Senior Living, and going forward they will be managed by Viva Senior Living, which exclusively manages Logos’ seniors housing assets. The portfolio includes three communities in Maryland (Viva at Bel Air, Viva at Cockeysville and Viva at Hagerstown), three in Virginia (Viva at Stafford, Viva at Fredericksburg and Viva at Berryville) and one in Tennessee (Viva at Oak Ridge). Logos is a long-term believer in the assets, with the goal being to own them for as long as possible and to look at different financing sources over time.
The portfolio comprises 435 beds across 355 units with 52% being assisted living, 33% memory care and 15% independent living. These early-2000s-built assets that were significantly renovated several years ago are stabilized, with occupancy hovering around the low- to mid-80s. Acquisitions as such give Logos’ operating partner, Viva, the opportunity to bring in expense control and increase occupancy. The goal is to bring the portfolio’s occupancy up to the low- to mid-90s.
The purchase price was $65.4 million, or $184,000 per unit. Sale proceeds in excess of closing costs were used to partially pay off property-level mortgages associated with six properties, to further reduce borrowing under the corporate credit facility, and retained by Invesque to continue to satisfy ongoing liquidity requirements. The transaction did not involve a broker.
Logos’ portfolio now comprises 19 seniors housing assets with around 1,500 beds across New York, New Jersey, Virginia, Maryland, Tennessee, South Carolina and Georgia, after only being founded in 2022. The portfolio’s value is pushing $200 million. Logos targets stabilized communities that have a steady cash-flow, and its portfolio’s average community size is 50 to 60 units.
This is not Logos’ first acquisition with Invesque as the seller. So far, Logos has purchased around $100 million in assets from the Company. In November 2023, Invesque sold two seniors housing communities in Georgia and two seniors housing communities in South Carolina to Logos. The communities, which were previously part of Invesque’s joint venture with Phoenix Senior Living, were sold for $25.1 million. Viva is now the operator.
Viva’s management portfolio comprises over 40 seniors housing and skilled nursing assets. It manages all 19 of Logos’ communities and operates the remainder for private equity, family office and REIT owners.
Logos and Viva are working to add an eighth Invesque property to its combined portfolio, and the pair has more in its pipeline, so stay tuned for more seniors housing acquisition announcements from Logos.
