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CHICAGO-Senior Lifestyle Corp., based here, is purchasing nine senior retirement communities from Wellstone Retirement Communities, based in Georgia, says Pat Lee, vice president of acquisitions for Senior Lifestyle Corp. His company is purchasing the portfolio in a joint venture with Walton Street Capital LLC, also based in Chicago.
Wellstone is selling all of the retirement communities that they own, which are located in Texas, Florida and Oklahoma, Lee says. Lee would not disclose the purchase price or a cap rate.
The portfolio includes a total of 1,427 residences. The senior housing portfolio includes Lewisville Estates in Lewsiville, TX; Montclair Estates in Garland, TX; Newforest Estates in San Antonio, TX; Waldenbrooke Estates in Bryan, TX; Copper Lakes Estates in Edmond, OK; Glenbrooke at Palm Bay in Palm Bay, FL; Lake Forest Park in Ft. Pierce, FL; Lake Howard Heights in Winter Haven, FL and The Barrington in Largo, FL.
All of the developments have been well-maintained, and both Lake Forest Park and Glenbrook at Palm Brook were constructed within the past four years, Lee says. Major renovations are not needed for any of the developments; although SLC does expect to have to invest capital into the properties. "They are nice projects in good communities," Lee says. "We feel that there is a lot of upside."
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