DALLAS — Shortly after purchasing six Dallas-based senior living communities, Life Care Services has announced an immediate multimillion-dollar renovation plan for the properties.
CBRE National Senior Housing arranged the asset sale, investment recapitalization and acquisition financing for Life Care Services. Lisa Widmier represented the seller, Imran Ahmed arranged the recapitalization and Aron Will arranged the $120.2 million in acquisition financing.
Since 2014, the six communities — Autumn Leaves on White Rock Lake, Monticello West, Parkwood Retirement Community, Parkwood Healthcare Community, Signature Pointe on the Lake and Walnut Place — have been managed by Life Care Services under different ownership. The portfolio totals 1,234 units spanning the continuum of care.
The company will break ground on renovations in the first part of 2018. Life Care Services plans to improve common areas, dining venues, residential apartments, exterior entrances and grounds.
“We’ve been somewhat limited in the improvements we could make at these communities, given we didn’t own them,” says Joel Nelson, president and CEO of Life Care Services. “Previous investment focused on necessary infrastructure improvements, such as roofs and HVAC systems. We invested millions in those areas during the last three years, but we now have greater flexibility to make upgrades that residents will truly notice and will appeal to today’s seniors.”
Life Care Services will continue to manage the communities’ day-to-day operations, and each community will continue to offer multiple levels of care.
Life Care Services, an affiliate of LCS, purchased the six communities through a joint venture partnership with ASPECT Investment Partners. The renovation plan is expected to be finalized in 2018, led by LCS development.