DALLAS, TX - Lifespace Communities announced that it has finalized an agreement with a private equity investment group for Lifespace to acquire three senior living campus communities in Texas – Meadow Lake in Tyler, Wesley Court in Abilene, and The Craig in Amarillo.
The three communities are currently managed by ER Senior Management, LLC (Evergreen), which will continue to provide management services to each community through the end of the year. Lifespace welcomes these three communities into its current family of 14 communities, including three in Texas. The communities will fully transition onto Lifespace management, systems, and support at year-end.
Financial terms of the acquisition are not being disclosed at this time.
Meadow Lake, located in Tyler, is a private residential neighborhood focused on the outdoors. Nestled on 92 acres, Meadow Lake provides a full continuum of care with 205 residences including independent living apartment and cottage homes, assisted living, memory care and skilled nursing levels of living.
Wesley Court, located in Abilene, is a private residential neighborhood consisting of executive and garden homes, independent living apartments, assisted living apartments, and private nursing care rooms. Wesley Court sits on 70 acres with 182 residences.
The Craig, located in Amarillo, is the largest of these three communities with 302 residences in independent living (cottages and apartments), assisted living, and skilled nursing levels of living. Located on 40 acres, The Craig is in the fastest growing area of Amarillo with easy access to health care, golf clubs and shopping.
"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," said Jesse Jantzen, Lifespace president and CEO. "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."
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," said Brian Dowd, president and CEO of ER Senior Management, LLC.