“Senior Care” (a pretty appropriate name for a company that specializes in late-in-life care for seniors) recently expanded into Kentucky with the acquisition of their first property in the state: a 100 bed assisted living facility in Florence, KY. The site was previously held by Ethos Assisted Living, a company based out of Louisville. The deal went down for 15.5 million dollars (that’s about 150,000 each bed!). An affiliate company of Ventas Inc. (of Chicago) reportedly took care of the purchase and debt financing.
The Florence site just over half a year old. It specialized in assisted living services for residents suffering from dementia or other memory issues. These kinds of specialized facilities are becoming more and more important as the retired population of this country continues to age. Nursing care and other more involved types of assisted living are becoming just as sought after as their more independent counterparts.
Finding the right mix of attention, medical skill and care, and autonomy is important. The 100-bed facility is one of a few large acquisitions that have made the news lately. At the same time, trends in other parts of the country show assisted living homes gearing themselves more towards smaller, more intimate settings where residents feel more like a part of the family than a client.
The acquisition was an “off market” transaction, meaning that no brokers were involved in the deal. Senior Care also picked up an additional assisted living facility called “Ethos of Mount Washington” from the same company for an extra 7.7 million.