Asbury Communities announced the acquisition of two seniors housing communities in January, bringing its portfolio to 11 communities in four states, including Pennsylvania, Maryland, Delaware and Tennessee, positioning the organization for continued growth. Asbury acquired Ivy Gables and Grace Park from a mom & pop who built the communities. Both were performing well at the time of sale, and today.
Built in 1950, Ivy Gables is an assisted living and memory care community in Wilmington, Delaware. The community comprises 44 assisted living beds, and also 18 memory care beds in nine units. It was converted into a nursing home in 2005 with further renovations in 2013 before it reopened as an assisted living community in 2014. In 2020, it was expanded significantly and broke ground on an additional 29 units. In 2022, construction was completed, and the total units increased from 24 to 53.
Built in the 1940s, Grace Park comprises 13 independent living units, 70 assisted living beds, and 22 memory care units. It is in Stroudsburg, Pennsylvania. In 2016/2017, the community underwent significant renovations. Three of the 13 independent living units are older homes, and 10 of the cottages were built over the last 17 years.
These acquisitions follow Asbury’s 2021 purchase of Chandler Estate in Pen Aryl, Pennsylvania, also from a mom & pop, which was similarly performing well at the time of the acquisition. The community, built between 1986 and 1990, comprises 36 independent living units and 31 independent living cottages, with 39 assisted living units (licensed for 48). The garden apartments and cottages were built in phases (the garden apartments were built in 1986, four to six cottages were built around 1990, and 2014 was the last phase), and the personal care home was built in 1986. The addition of Chandler Estate further expanded Asbury’s presence in Pennsylvania and strengthens its overall position in the senior care space.
In addition to these acquisitions, Asbury’s 2020 Asbury affiliation with Albright Services has enabled the organization to grow its portfolio of CCRCs to eight locations across three states. The affiliation also brought Albright’s pharmacy services, LIFE centers under the PACE model and additional HUD properties into Asbury’s diverse portfolio. Asbury has an eye on further acquisitions and partnerships to enhance its portfolio and strengthen its presence in the seniors housing sector.
