Lloyd Jones Acquires 89-Unit River Bend Assisted Living in Rochester, Minnesota for $26.5M

by Jeff Shaw

ROCHESTER, Minn. — Lloyd Jones has acquired River Bend Assisted Living and Memory Care, an 89-unit senior living community in Rochester.

The property will operate under Lloyd Jones’ proprietary AVIVA brand as AVIVA River Bend. The sales price was not disclosed.

Constructed in 2014, the property is 1.5 miles from the original and largest Mayo Clinic. The community stretches over 2.8 acres and includes landscaped walking paths with direct access to the scenic Zumbro River trails.

Blueprint Healthcare Real Estate Advisors arranged the $26.5 million sale.

Lloyd Jones plans to enhance the property through technology and amenity improvements. In addition, it will implement an acuity mix shift, converting 16 memory care units to transitional living units.

“AVIVA River Bend represents the ideal community to add to our growing senior-living portfolio,” says Tod Petty, vice chairman of Lloyd Jones Senior Living. “With significant design renovations, we can offer transitional living to a larger range of Rochester residents who experience mild cognitive impairment and require additional programming.”

Although the price was not disclosed, Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged $18.5 million in financing. The non-recourse, three-year, floating-rate loan features 18 months of interest-only payments through a national bank.

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