Wesley Court in Abilene, The Craig in Amarillo, and Meadow Lake in Tyler are the three senior living campus communities that Lifespace Communities has agreed to purchase under the terms of a finalised agreement with a private equity investment company.
ER Senior Management, LLC (Evergreen), which now oversees the three communities, will continue to offer management services to each community through the end of the year. These three villages are welcomed to the Lifespace family of 14, which already includes three Texas communities. At the end of the year, the communities will have completely switched over to Lifespace administration, technology, and support.
Financial terms of the acquisition are not being disclosed at this time.
1. Meadow Lake, located in Tyler
is a gated community with a strong emphasis on the outdoors. With 205 suites, including independent living apartments and cottage homes, assisted living, memory care, and skilled nursing levels of living, Meadow Lake, which is located on 92 acres, offers a comprehensive continuum of care.
2. Wesley Court, located in Abilene
consists of executive and garden houses, independent and assisted living apartments, and private nursing care rooms. It is a private residential community. Wesley Court has 182 homes and is situated on 70 acres.
3. The Craig, located in Amarillo
, with 302 homes for independent living (cottages and flats), assisted living, and skilled nursing, is the largest of these three communities. The Craig, a 40-acre property, is in Amarillo’s fastest-growing neighbourhood and is close to shopping, golf courses, and medical facilities.
“We believe Meadow Lake, Wesley Court and The Craig are a great fit for Lifespace as we share similar values and an ingrained commitment to service in delighting our residents”, “The addition of these communities advances our ongoing strategic objective to engage in the rigorous and disciplined pursuit of growth opportunities to scale and diversify our core business.”
Jesse Jantzen, Lifespace president and CEO
The communities join the Lifespace family with strong occupancy levels while offering a combination of Type C entrance fee and rental contracts, providing Lifespace an opportunity to expand its service offerings and diversity its revenue base.
“This transaction represents a natural transition to an established and robust platform that will support and grow the communities over the long term. As part of the acquisition, we will partner with Lifespace to help support, recognize, and embrace the culture established at each of the communities and will focus on enhancing quality, and enriching experiences for residents and team members, while building connections, trust and confidence,”
Brian Dowd, president and CEO of ER Senior Management, LLC