Des Moines, Iowa, Dec. 31, 2018 (GLOBE NEWSWIRE) -- LCS, the nation’s second largest senior living operator, announced it has acquired Essex Meadows in Essex, Connecticut and Sandhill Cove in Palm City, Florida. Both Life Plan Communities were privately held by the Weitz family since 1995. This represents the company’s tenth acquisition under its programmatic joint venture sponsored by LCS Real Estate, An LCS Company. BMO Harris Bank provided acquisition financing.
LCS Real Estate has executed on acquisition and development transactions in excess of $1.5 billion since 2016, and has an ownership stake in 46 senior housing communities nationwide, including 16 Life Plan Communities.
LCS has a long history with the Weitz family, Essex Meadows and Sandhill Cove. LCS Development, An LCS Company was the original development company for both communities. Life Care Services, the management arm of LCS, has managed the communities since opening and will continue to manage the communities going forward.
“Both communities have great reputations in the marketplace, strong leadership, and exceptionally high resident satisfaction and occupancy,” says Dan Lahey, VP/managing director for LCS Real Estate.
Essex Meadows is located on a 104-acre campus with 189 independent living and 41 skilled nursing residences. Sandhill Cove sits on the Martin County waterfront with 225 independent living, 20 assisted living, and 36 skilled nursing residences.
Financial terms were not disclosed.
About LCS®
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Life Plan Communities, also referred to as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. The companies of LCS serve thousands of seniors across the nation. For more information, visit LCSnet.com.
About LCS Real Estate™
LCS Real Estate, An LCS Company, is a full-service, real estate private equity enterprise providing a full complement of capital market services to the parent company including investments, debt placement, and asset management of senior living communities. LCSReal Estate actively pursues transactions, connects its investor partner with opportunities, and sources deal flow. For more information, visit LCSrealestate.com.
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