Heritage Investment Partners Buys Majority Stake in LCS Community in Tennessee

by Jeff Shaw

BRENTWOOD, Tenn. — Heritage Investment Partners, an investment group based in Tennessee, has purchased a 70 percent stake in The Heritage at Brentwood, a 283-unit continuing care retirement community in the Nashville suburb of Brentwood.

Heritage purchased the stake from Westminster Capital. Pinnacle Financial Partners represented the buyer while Cushman & Wakefield represented the sellers. The purchase price was not disclosed.

Life Care Services, a subsidiary of LCS, developed and operates the community, which consists of 217 independent living units, a 66-unit skilled nursing facility and a standalone adult daycare building, all on a 50-acre plot. An expansion is also planned, which will include 97 new apartments, an 11,000-square-foot wellness center, an auditorium, assisted living units and other renovations.

Harpeth Green Properties and LCS will remain minority partners of the community, each holding a 15 percent stake.

Based in Des Moines, Iowa, LCS is the third-largest operator of seniors housing communities in the U.S., according to the 2015 AHSA 50 rankings.

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