LCS Adds 2 Senior Living Communities to Growing Portfolio
- Jan 03, 2019
LCS has acquired Essex Meadows, in Essex, Conn., and Sandhill Cove, in Palm City, Fla., two Life Plan Communities that were privately held by the Weitz family since 1995.
“LCS has operated these communities since they opened their doors—Essex Meadows in 1988, Sandhill Cove in 1993,” Dan Lahey, LCS Real Estate’s vice president & managing director, told MHN. “When the Weitz family decided the time was right for them to exit as owners, they provided LCS with the opportunity to acquire both communities on an off-market basis.”
Moreover, the sellers provided flexibility in timing, which made these acquisitions ideal candidates for acquisition as part of the equity capital raise that LCS had underway.
“These are communities with high occupancy, high resident satisfaction, and low employee turnover,” Lahey said. “We feel these communities fully embody the LCS brand and culture, and are excited that LCS will serve the residents of both communities as an owner in addition to our role as operator.”
Located at 30 Bokum Road, Essex Meadows is situated on a 104-acre campus and offers 189 independent living and 41 skilled nursing residences. Sandhill Cove is located at 1500 S.W. Capri St. on the Martin County waterfront, offering 225 independent living, 20 assisted living and 36 skilled nursing residences.
Both communities offer residents the ability to live independently while providing the peace of mind that the full continuum of care is available in the event their needs change.
Sandhill Cove has a 36-acre campus, which includes a wellness center, cocktail lounge and coffee bar, outdoor pool, two dining venues, croquet and bocce ball courts, art studio, fishing dock, and many other amenities. Essex Meadows has a campus of 106 acres that includes a wellness center, indoor pool, cocktail lounge, art studio, wood shop, executive golf course, wooded trails, and many other amenities.
“Both communities are recognized as market leaders in their respective markets and tend to draw from a wide market area, although the markets are very different,” Lahey said. “We will continue to invest in additional capital projects in the years to come, and we will continually review and update our entry fee contract offerings to ensure we are in line with the evolving seniors housing marketplace,” he added.
A Sound Strategy
LCS Real Estate is an active investor in the seniors housing space. A key growth strategy for the company is to own more of what it operates, and this transaction will be a realization of that objective.
“We are growing in both the rental and Life Plan Community (formerly known as CCRC) product type, but we remain highly selective in terms of which Life Plan Communities are strong candidates for equity ownership,” Lahey said. “The product offerings, physical plant, and market demographics are all strong for these communities and we believe they are well-positioned for continued success.”
In May of last year, Ocean Land Investments selected LCS to provide development consulting, management services and marketing for its $215 million Riverwalk Residences of Las Olas, a high-rise senior housing project in downtown Fort Lauderdale, Fla. Earlier in 2018, the company was also tapped to manage the $82 million Windsor at Celebration, a senior housing community in Celebration, Fla., which is currently being developed by Big Rock Partners.
Image courtesy of LCS