Thrive Acquires 2 Senior Housing Properties, Launches Sister Firm

The acquisition expanded the company’s senior housing portfolio to four assets, which drove the firm to launch a new division—TFP Senior Living—headed by Anthony Fulco.
Autumn Leaves of Glen Ellyn, Ill.
Autumn Leaves of Glen Ellyn, Ill.

Private equity firm Thrive FP acquired two new assisted living centers—one in Austin, Texas, and the other in Chicago—from The LaSalle Group Inc. The deal expanded the company’s senior living portfolio, which prompted the firm to launch a new sister company. The buyer received financing from Freddie Mac for this transaction.

Autumn Leaves of Northwest Austin is a 46-bed memory care center located at 10025 Anderson Mill Road. Thrive FP rebranded the community to Pecan Ridge Memory Care and named 12 Oaks Senior Living as the new manager. Autumn Leaves of Glen Ellyn, the second property, is a 50-bed memory care center situated at 190 Geneva Road in Glen Ellyn, Ill., a suburb of Chicago.

Pecan Ridge Memory Care, Austin, Texas
Pecan Ridge Memory Care, Austin, Texas

“These properties are both newly built and have been well-managed. However, they’re just now reaching stabilization, and there is still additional value and good cash flow to be captured,” Anthony Fulco, director of senior living acquisitions at Thrive FP, said in a prepared statement. “We believe there will be upside for both our residents and investors alike by implementing unique resident care programming, enhancing the physical asset, and adding some additional staffing.”

The LaSalle Group Inc. was represented by Institutional Property Advisors, while Thrive FP represented itself.

New sister company

Thrive’s four-property senior living portfolio, currently valued at more than $100 million, will be managed under the new TFP Senior Living division led by Anthony Fulco.

“We continue to look for value-add senior housing projects in various markets around the country,” Fulco added. “Our typical acquisition strategies include capital improvements, operational enhancements, or a mixture of both with proven best-in-class operators. In a nutshell, we are taking our successful company philosophy, putting resident dignity and care first, and applying that to the senior housing space.”

Images courtesy of Thrive FP