Thrive Senior Living Expands GA Footprint
The Atlanta-based company has acquired Savannah Commons, a 212-unit senior living community, their largest one yet. The property will undergo updates and renovations in the following year.
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Thrive Senior Living has purchased Savannah Commons, a 212-unit senior living community in Savannah, Ga. The acquisition marks the largest property operated by Thrive to date and their eighth investment in Georgia. According to Chatham County public records, the asset sold for $13.2 million.
Located at One Peachtree Drive, the senior community is approximately 9 miles south of downtown Savannah, near Georgia Southern University Armstrong Campus. The property has multiple dining and shopping options in the vicinity, while Savannah/Hilton Head International Airport is up north, within a 30-minute drive.
Built in 1986 on more than 9 acres, Savannah Commons offers 142 independent living apartments, 34 assisted living units and 36 memory care units. Floorplans range from 300 to 800 square feet. On-site services include medication management and administration, licensed nurses and certified nursing aides available 24 hours a day and a 24-hour emergency assistance and alert system. Residents can also enjoy private dining and participate in planned social, recreational, cultural, spiritual, fitness and educational activities.
The property will undergo design changes, updates and renovations in the coming year. For this endeavor, the new owner partnered with Equus Development Partners, Harvest Capital and United Community Bank.
In March, three senior housing communities in Georgia traded in an 887-unit portfolio sale. Bridge Investment Group acquired the eight properties from a joint venture.
