Lifespace Sells 2 Senior Communities for $42M
- Aug 11, 2021
Immanuel Communities has finalized the $42 million acquisition of Deerfield and Grand Lodge at the Preserve, two senior housing properties totaling 349 units in Urbandale, Iowa, and Lincoln, Neb.
The buyer purchased the two-property portfolio from Lifespace Communities. Deerfield traded for $19 million, while Grand Lodge at the Preserve commanded $23 million.
Immanuel Communities holds and operates nine other facilities geared at seniors aged 55 and over. Nationwide, demand for senior living facilities continues to improve after the historic low occupancy levels of 2020.
The two properties
Both facilities were built in 2004 and provide independent living as well as assisted living services.
Deerfield is located at 13731 Hickman Road in Urbandale, Iowa. The community is less than 12 miles west of downtown Des Moines.
The facility features independent living and assisted living units in one- and two-bedroom configurations. While the independent living units range from 725 to 1,920 square feet, assisted living floorplans reach only 1,021 square feet. The community also provides skilled nursing and long-term care.
Deerfield offers a fitness center, cocktail lounge, game room and woodworking shop as well as a convenience store. The property offers a garden in addition to a pond with a fishing dock.
Rebranded simply as Grand Lodge, the second property is located at 4400 S. 80th St. Downtown Lincoln is only 7 miles northwest of the property.
The property features independent living units designed as one- and two-bedroom apartments, with floorplans reaching 1,840 square feet. The assisted living units are available in one-bedroom configurations. The Lincoln facility offers gathering spaces, garden areas, a library, a game room with billiards, a fireside lounge as well as various dining venues.