NEW YORK, NY - Care Investment Trust, a real estate investment company exclusively focused on the seniors housing sector, expanded its relationship with Inspirit Senior Living with the acquisition of two properties in Pennsylvania for $13,000,000.
The communities, located in the boroughs of Macungie and Palmerton, will be rebranded as, “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community,” respectively. The properties were built between 2002 and 2003, have a total of 111 units, and were approximately 90% occupied at closing.
Care and Inspirit intend to spend approximately $850,000 to refurbish the communities with the goal of increasing efficiencies and enhancing the resident experience. Affiliates of Inspirit will operate and manage the communities.
Salvatore (Torey) Riso, President and Chief Executive Officer of Care, remarked, “I am very pleased that Dave McHarg and the Inspirit team have decided to grow their portfolio through a continuing partnership with Care Investment Trust. A hallmark of Care’s strategy is to first partner with best-in-class operators like Inspirit and then to expand these relationships when the opportunity presents itself. We are particularly excited about this transaction and we are confident Inspirit will further enhance the lives of the residents and staff at the communities.”
Dave McHarg, Chief Executive Officer of Inspirit, said, “The Palmerton and The Willow are important parts of the fabric of their respective towns. Inspirit is honored to be their new operators, and we look forward to working closely with the local teams to transform the newest properties in Inspirit’s growing network into even better communities for Lehigh Valley’s seniors.”
Inspirit currently operates and manages four properties in TN, VA, and PA, and is pursuing other opportunities to add to its growing portfolio.