NEW YORK--(BUSINESS WIRE)--
Care Investment Trust LLC ("Care"), a real estate investment company focused exclusively on the seniors housing sector, expanded its relationship with Inspirit Senior Living (“Inspirit”) with the acquisition of the Foxbridge senior living community (to be known as “Foxbridge, an Inspirit Senior Living Community”). The community, located in suburban Memphis, has 120 units and sits on an eight-acre gated campus. Care and Inspirit intend to spend approximately $850,000 to renovate the community with the goal of improving occupancy, increasing efficiencies, and enhancing the resident experience. Affiliates of Inspirit will operate and manage the community.
Salvatore (Torey) Riso, President and Chief Executive Officer of Care, remarked, “Care is very pleased to have the opportunity to expand its relationship with Inspirit through the acquisition of Foxbridge. Care believes that properties like Foxbridge, and operators like Inspirit, provide a model of how senior living can work at its best.”
Dave McHarg, Chief Executive Officer of Inspirit, said, “The physical beauty of the Foxbridge campus is unmatched, but the people make it the special place it is. Inspirit is proud to add Foxbridge to our growing family of properties and we look forward to working with the Foxbridge team to provide exceptional care to the residents of Foxbridge for many years to come.”
Inspirit currently operates and manages two properties, and is pursuing other opportunities to add to its growing portfolio.
About Care Investment Trust
Care Investment Trust LLC, or “Care,” is a real estate investment
company focused exclusively on the seniors housing sector. Care owns
senior apartments, independent living facilities, assisted living
facilities, and memory care facilities throughout the United States.
Care invests in properties and portfolios ranging from $5 million to
$200 million, and structures investments on a case-by-case basis to meet
the needs of our operating partners and our investors. Care understands
that the key to success in the seniors housing industry is to partner
with the right operators and is therefore extremely selective, investing
only in operating partners who have impeccable reputations and a proven
track record of building high-performing seniors housing businesses—and
who share Care’s core values of integrity, compassion, and respect for
the dignity of our nation’s seniors. Care is a wholly-owned subsidiary
of Tiptree Inc. (NASDAQ: TIPT).
www.careitrust.com
About Inspirit Senior Living
Inspirit CEO David McHarg founded Inspirit Senior Living in 2015 after
retiring as president and chief operating officer of Greenfield Senior
Living, a leading network of assisted living communities. Under McHarg’s
leadership, Greenfield grew from two properties to more than 20 in six
states. David founded Inspirit Senior Living in order to fulfill his
vision of providing an innovative and enlivening senior care experience,
so that all of its residents might truly “live their best”. As an owner
and operator, Inspirit is committed to enlivening and enriching the
senior care experience by infusing new energy, vigor, and purpose in
seniors’ lives. Inspirit’s business model focuses on identifying and
acquiring well-respected, stand-alone facilities and incorporating them
into a regional network that can capture economies of scale. Inspirit is
currently pursuing other acquisition opportunities in the mid-Atlantic
and Southern regions of the country.
www.inspiritseniorliving.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170216006274/en/
