Lloyd Jones announced the acquisition of River Bend Assisted Living and Memory Care, an 89-unit Class-A senior living community in Rochester, Minnesota (Minneapolis MSA). The Miami-based real estate investment firm will enlist their senior care management division, Lloyd Jones Senior Living, to manage the property under their proprietary AVIVA brand. The sale closed on January 31 at a purchase price of $26.5 million, or just shy of $300,000 per unit.
The community sits on 2.8 acres and includes landscaped walking paths with direct access to scenic Zumbro River trails. Lloyd Jones plans to enhance the property through technology and amenity improvements. In addition, it will implement an acuity mix shift, converting 16 out of the total 18 memory care units to transitional living units. Constructed in 2014, the property is 1.5 miles from the original and largest Mayo Clinic, a not-for-profit academic medical center that employs over 34,000 Rochester residents.
The Wilkinson Family of Companies helped develop and co-owned the property as part of a joint venture with Rochester-based Titan Development and Investments. Good Neighbor Care Centers of Eugene, Oregon, which is owned by Wilkinson, managed River Bend since it opened in 2014. It cost an estimated $15 million to build the 81,000-square-foot community, or $170,000 per unit.
Under the name ALF Employer Minnesota LLC, Wilkinson bought out Titan Development’s stake as recently as November 2021 and became the sole owner for a reported $22.6 million—nearly $4 million less than they were able to sell it for only three months later. This is the first addition of a Minnesota property to the Lloyd Jones portfolio, but is part of a larger growth strategy for the real estate firm. After a recent purchase closed in Nebraska, the company has at least nine senior care assets under management, two new development projects, and several assets under contract to close in the coming months. Reportedly, their goal is to grow by 1,000 to 1,500 senior care units per year.
