EAST GREENWICH, JOHNSTON and RIVERSIDE, R.I. — Capital Health Group LLC (CHG) has acquired three seniors housing properties located in the Providence, R.I., metro area.
Totaling 371 units, the properties are located in East Greenwich, Johnston and Riverside. The portfolio offers independent living, assisted living and memory care.
CHG’s affiliated management company, Milestone Retirement Communities LLC, will manage the properties. CHG plans to reposition the assets through $14.9 million in renovations, which will allow Milestone to alter the programming mix to meet market demand and improve operations.
“We’re especially excited about this acquisition because it is our first investment in New England since 2010,” says Ken Assiran, CHG’s managing principal. “This acquisition marks the start of a concerted effort to expand CHG’s portfolio in the Northeast.”
Capital Health Group LLC is a private equity firm founded in 2006 by John Dwyer and Kenneth Assiran to make capital investments in senior housing facilities through acquisition and development. Over the past 10 years, CHG has invested in 58 senior housing facilities totaling over 5,800 beds. CHG’s current portfolio includes 45 operating communities and six communities under development.
Milestone’s portfolio is located nationally across 20 states and consists of 93 communities totaling more than 8,300 senior housing units.