Source: Phorcys Capital Partners
ALPHARETTA, GA - Phorcys Capital Partners announced its recent acquisition of a seniors housing property located in Greensboro, Georgia. PCP was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project.
The facility, known as The Glen at Lake Oconee Village, consists of 114 units, providing independent living, assisted living, and memory care services. The Glen was acquired for $26.45 million in August 2023. The facility will continue to be operated by SRI Management.
PCP’s strategy largely focuses on seeking distressed and/or overleveraged senior living properties financed by municipal bonds located throughout the United States. Acquisition targets are typically newer vintage assets that require limited rehabilitation costs. PCP focuses on markets with attractive demographics and properties with significant value-add potential.
“After years of involvement on the creditor side, we are excited to announce the acquisition of The Glen to our growing seniors housing portfolio,” said Vasileios Sfyris, a Managing Partner with PCP. “The Glen is located in a unique market near Reynolds Lake Oconee, a desirable area between Atlanta and Augusta.”
The acquisition of The Glen expands PCP’s presence as a growing player in the senior living sector.
The Glen consists of 114 units in Greensboro, Georgia, a growing exurban area halfway between Atlanta and Augusta. The area benefits from “Reynolds Lake Oconee,” a master-planned community anchored by The Ritz-Carlton Reynolds, Lake Oconee. The Glen is also located on Lake Oconee, Georgia’s second-largest lake. The ample recreational opportunities and location have made the area a popular retirement destination.