Lloyd Jones has acquired the 131-unit Maybelle Carter, a historic senior living community in Madison, Tenn. Rebranded as Sage Hill Maybelle Carter, the community will operate under the company’s proprietary Sage Hill brand. The property represents Lloyd Jones’ third senior housing acquisition so far this year.
According to public records, the seller was National Health Investors. The company had bought Maybelle Carter in 2015 for $20.7 million in a portfolio sale, and then leased the property to affiliates of operator East Lake Capital Management for a decade.
An upgraded historic community
Maybelle Carter is already a well-established independent living, assisted living and memory care community, built on the former estate of Maybelle Carter. The new owner plans to implement a comprehensive renovation program of the iconic heirloom. Plans call for new finishes to the lobby, public spaces and corridors, as well as unit upgrades that reflect the Lloyd Jones Sage Hill brand. New patios will also be added, along with sitting areas and selected memorabilia from the Cash/Carter family. Community amenities are slated to include restaurant-quality meals, common areas, shuffleboard, a dog park and a community garden.
Located at 208 W Due West Ave., the property is some 8 miles northeast of downtown Nashville and some 2 miles west of TriStar Skyline Medical Center. Several dining, retail and entertainment options are available within a 1-mile radius.
According to JLL Valuation Advisory’s fifth annual Seniors Housing Investor Survey and Outlook, the senior housing sector has entered full recovery mode. Strong long-term demand and growing investor interest are helping drive the sector forward. According to Yardi Matrix, Lloyd Jones currently owns more than 15 properties throughout the U.S., totaling more than 3,500 units.