LCS closes on $300 million equity seniors housing programmatic joint venture
Des Moines, IA-based LCS says it has closed on a $300 million equity seniors housing programmatic joint venture that will acquire and develop senior living communities.
LCS Real Estate will partner with a large institutional investor to execute on the investment platform, and Life Care Services will manage the acquired and developed communities. Both are LCS companies. LCS did not name the institutional investor.
“The joint venture platform will use discretionary funds to invest in core, value-add and development assets, including communities already operated by LCS,” LCS President and CEO Joel Nelson said.
LCS Real Estate currently has an ownership stake in 37 senior living communities nationwide.
“This is a milestone event in the next chapter of optimizing the company's real estate platform,” LCS Real Estate Executive Vice President and Senior Managing Director David Laffey said. “The joint venture provides greater control [and] greater certainty of execution and streamlines the investment process.”
LCS is ranked in third place on the American Seniors Housing Association's 2017 ASHA 50 list of largest senior living operators. The company is No. 33 on the ASHA 50 list of largest owners.