TUCSON, AZ — Chicago-based Enlivant, one of the nation’s largest owners and operators of senior living communities, TPG, a leading global investment firm, and TPG Real Estate, the real estate platform of TPG, are acquiring a series of large, strategic portfolio acquisitions from several unrelated organizations. As part of these acquisitions, Brookdale Catalina Foothills was purchased for $12.25 million ($127,604 per bed). The 96-apartment units at 3701 N Swan Road in Tucson has been rebranded to Foothills Place with assisted living and memory care units.
The seller was Brookdale affiliate, BREA Tucson LLC of Brentwood, Tennessee.
The acquisitions result in significant operational expansion for Enlivant, adding another 48 communities, representing 3,084 independent living, assisted living, and memory care apartment units across 14 states, to the company’s growing national platform. Sixteen of the communities recently closed, and the remaining thirty-two communities are expected to close over the next several months, subject to customary regulatory closing conditions.
“These strategic acquisitions, which directly advance our mission of enriching lives through meaningful relationships and vibrant communities, usher in a new and exciting era of robust growth at Enlivant,” said Jack R. Callison Jr., Chief Executive Officer. “Although these acquisitions expand the size of our national portfolio by nearly 40 percent, we continue to strive not to become the nation’s largest senior living provider, but to become the nation’s most trusted senior living provider.”
Enlivant (formerly Assisted Living Concepts) was acquired by TPG in 2013. Throughout the life of the growing partnership, Enlivant has continually enhanced its operational capabilities and expanded its national footprint through both organic growth and external acquisitions.
“These transactions mark a period of significant business momentum for Enlivant as they continue to scale their national operating platform while maintaining their founding commitment of providing each of their residents with the highest level of attentive, individualized, and personalized care in a home-like setting,” said Avi Banyasz, Partner and Co-Head of TPG Real Estate. “We look forward to growing our long-term partnership with Enlivant by fully and thoughtfully integrating these new communities and further building out this industry-leading business.”
The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia.
To learn more, see RED Comp #4199.