NEW YORK--(BUSINESS WIRE)--
Care Investment Trust LLC ("Care"), a real estate investment company exclusively focused on the seniors housing sector, expanded its relationship with Inspirit Senior Living (“Inspirit”) with the acquisition of two properties in Pennsylvania for $13,000,000. The communities, located in the boroughs of Macungie and Palmerton, will be rebranded as, “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community,” respectively. The properties were built between 2002 and 2003, have a total of 111 units, and were approximately 90% occupied at closing. Care and Inspirit intend to spend approximately $850,000 to refurbish the communities with the goal of increasing efficiencies and enhancing the resident experience. Affiliates of Inspirit will operate and manage the communities.
Salvatore (Torey) Riso, President and Chief Executive Officer of Care, remarked, “I am very pleased that Dave McHarg and the Inspirit team have decided to grow their portfolio through a continuing partnership with Care Investment Trust. A hallmark of Care’s strategy is to first partner with best-in-class operators like Inspirit and then to expand these relationships when the opportunity presents itself. We are particularly excited about this transaction and we are confident Inspirit will further enhance the lives of the residents and staff at the communities.”
Dave McHarg, Chief Executive Officer of Inspirit, said, “The Palmerton and The Willow are important parts of the fabric of their respective towns. Inspirit is honored to be their new operators, and we look forward to working closely with the local teams to transform the newest properties in Inspirit’s growing network into even better communities for Lehigh Valley’s seniors.”
Inspirit currently operates and manages four properties in TN, VA, and PA, 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, memory care, and skilled nursing 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
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