MOBILE, Ala. — Proveer has acquired Vitality Living Regency, a seniors housing community in Mobile.
The community features 70 assisted living units and 20 memory care units. The acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale.
Proveer’s business model is a value-add strategy that includes purchasing communities at a relatively low basis, renovating the buildings and rebranding them under the Proveer flag. The community is now known as Proveer at Port City.
Proveer will undertake an interior and exterior renovation that is scheduled for completion by year end. Renovations will include new flooring; fresh colors, furniture and fixtures; a full exterior makeover; and an upgraded technology platform.
Proveer at Port City now joins Proveer at Heritage Woods as the second Proveer community in the Mobile market. Mobile is home to the University of South Alabama, Airbus and Austal and has a dynamic international port that services ocean going vessels from around the world. Mobile has seen rapid growth over the past decade and the unmet demand for seniors housing in the market is significant, according to Proveer.