AUSTIN, Texas, and GLEN ELLYN, Ill. — Private equity firm Thrive FP has acquired two memory care communities, Autumn Leaves of Northwest Austin in Austin and Autumn Leaves of Glen Ellyn in Glen Ellyn, for an undisclosed price.
Autumn Leaves of Northwest Austin features 46 units and will be rebranded as Pecan Ridge Memory Care. Autumn Leaves of Glen Ellyn features 50 units.
Austin-based Thrive now owns four seniors housing properties valued at a total of $110 million. As it increases its commitments in the seniors housing space, the company has launched a sister company named TFP Senior Living to manage the growing portfolio. The firm’s Anthony Fulco will lead the new division.
“These properties are both newly built and have been well-managed. However, they’re just now reaching stabilization, and there is still additional value and good cashflow to be captured,” says Fulco. “We believe there will be upside for both our residents and investors alike by implementing unique resident care programming, enhancing the physical asset and adding some additional staffing.”
Institutional Properties Advisors represented the seller, The LaSalle Group Inc., in the transaction. Thrive FP represented itself and received financing from Freddie Mac.
“We continue to look for value-add senior housing projects in various markets around the country,” says Fulco. “Our typical acquisition strategies include capital improvements, operational enhancements or a mixture of both with proven best-in-class operators.”