Source: LCS / #SeniorHousing #Multifamily
DES MOINES, IA - LCS, the nation’s second largest senior living operator, announced it has acquired Essex Meadows in Essex, Connecticut and Sandhill Cove in Palm City, Florida. Both Life Plan Communities were privately held by the Weitz family since 1995. This represents the company’s tenth acquisition under its programmatic joint venture sponsored by LCS Real Estate, An LCS Company. BMO Harris Bank provided acquisition financing.
LCS Real Estate has executed on acquisition and development transactions in excess of $1.5 billion since 2016, and has an ownership stake in 46 senior housing communities nationwide, including 16 Life Plan Communities.
LCS has a long history with the Weitz family, Essex Meadows and Sandhill Cove. LCS Development, An LCS Company was the original development company for both communities. Life Care Services, the management arm of LCS, has managed the communities since opening and will continue to manage the communities going forward.
“Both communities have great reputations in the marketplace, strong leadership, and exceptionally high resident satisfaction and occupancy,” says Dan Lahey, VP/managing director for LCS Real Estate.
Essex Meadows is located on a 104-acre campus with 189 independent living and 41 skilled nursing residences. Sandhill Cove sits on the Martin County waterfront with 225 independent living, 20 assisted living, and 36 skilled nursing residences.