Luxury Senior Living Community Sells in Hoover, Alabama
LCS is selling its 232-unit senior living community in Hoover, Alabama, almost exactly three years after acquiring it in a joint venture with Walton Street Capital. LCS still left its mark at the community, converting 24 assisted living units to memory care in 2015. Built in 2009, the community currently features 160 independent living, 48 assisted living and now 24 memory care units on its 17-acre campus. Monthly rents averaged $4,148 for independent living, $4,700 for assisted living and $5,500 for memory care. The average income in Hoover (just outside of Birmingham) exceeds $110,000 per household, making it one of the wealthier areas of the southeast. So, the facility hasn’t had a... Read More »
Canterbury Tales
Ziegler is helping a not-for-profit CCRC that has been operating for about 25 years in Waterford, Michigan (about 40 miles from Detroit) both refund existing debt and fund an extensive repositioning project. Already with 255 rental units, including 75 independent living units, 40 assisted living units and 140 skilled nursing beds, the community is owned by Canterbury Heath Care, Inc. and operated by LCS, which has been managing it since 1995. Times have changed though, and ownership is partnering with Greenbrier Development to build a new 32-bed memory care building (connected by a to-be-built two-story structure) and renovate the existing skilled nursing building to convert 24... Read More »Another Recession-hit CCRC sells
Nearly a decade on from the housing market collapse in 2007 and despite a relatively strong comeback in the sector, we are still writing about CCRCs just recovering from a drastic drop in entrance fee receipts in the throes of the Great Recession. That being said, three years after filing for Chapter 11 bankruptcy protection, a 223-unit CCRC located in the World Golf Village of St. Augustine, Florida, recently sold in auction to a partnership between LCS and HCP. Operated by LCPS Management, the not-for-profit CCRC opened in 2001 and reached 99% occupancy in 2006 and was 94% occupied in 2008 following a 15-cottage independent living expansion. However, during the Great Recession, more... Read More »Handing over the reins
The joint venture owner of a 283-unit entrance fee CCRC in Brentwood, Tennessee recently reshuffled its ownership, with a minority stakeholder acquiring the 70% share from partner and co-developer, Westminster Capital. Back in 2007, Westminster, Harpeth Green Properties (the current buyer) and LCS developed the community on nearly 50 acres. It featured 217 independent living units, a 66-bed skilled nursing facility and a stand-alone adult day care building. Plus, an additional phase of development is scheduled to start sometime in the next year, and will include 97 more IL units, a 350-seat auditorium and an 11,000-square foot health center. LCS’s affiliate, Life Care Services, operates... Read More »Schedule a demo
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