Viva Senior Dwelling has acquired eight communities previously managed by Commonwealth Senior Dwelling in a “vital step” for the corporate’s progress plans, COO Chris Metternich advised Senior Housing Information.
The newly acquired communities are positioned in Maryland, Tennessee and Virginia; and have been beforehand owned by well being care actual property firm Invesque (TSX: IVQ.U and IVQ), which just lately agreed to promote its curiosity in Commonwealth Senior Dwelling and greater than two-dozen communities operated by the corporate. Invesque first acquired the senior residing operator in 2019 for $340.4 million.
The primary seven communities as a part of the deal have been bought for $65.4 million complete, which equated to $184,000 per condo. Viva can also be nonetheless finalizing the acquisition particulars of the eighth neighborhood, which is now underneath administration by the corporate following the acquisition.
All communities within the transaction are actually underneath Viva’s management, and Metternich mentioned the transfer expands the Norwood, New Jersey-based firm’s footprint and model recognition in a number of states.
“It aligns with Viva’s strategic progress plans to extend presence in key areas within the East, Southeast and Midwest markets whereas strengthening what we imagine positions us as a rising supplier within the senior residing trade,” Metternich mentioned.
Viva Senior Dwelling manages over 30 communities all through the East and Southeast U.S. providing impartial residing, assisted residing and reminiscence care companies.
Following the acquisition, Viva will carry its operational practices to the newly added buildings, he added. The brand new communities underneath the Viva banner additionally will implement new companies and the corporate’s aging-in-place care mannequin.
“Employees and resident communications can be a precedence to make sure a seamless expertise through the possession change,” Metternich mentioned.
Viva communities function with autonomy with government administrators performing as a “neighborhood CEO,” serving to to drive working efficiency and assembly excessive resident care requirements, Metternich added.
