SQLC plans to buy Seniority Inc.
Nonprofit retirement community developer and manager Senior Quality Lifestyles Corp., headquartered in Dallas, is negotiating with Pleasanton, CA-based Cornerstone Affiliates to purchase one of its companies, Seniority Inc., which is focused on senior living management as well as senior housing marketing and sales services and development consulting. Representatives of the organizations said Friday that they expect the transaction to close by the end of the year.
Seniority manages seven communities in California and Oklahoma and has five additional communities under development. Its sister companies are American Baptist Homes of the West (ABHOW) and be.group, which merged earlier this year, and Beacon Communities. Seniority was launched in 1997 as a wholly owned subsidiary of ABHOW.
“We underwent a lengthy review before entering into discussions with SQLC,” John H. Cochrane III, president and CEO of Cornerstone Affiliates, said in a press release. “The decision was made after our board of directors and executive team determined that Seniority did not fit the organization's new strategic direction. We have concluded that Seniority will thrive under different ownership.”
Cornerstone Affiliates and its family of companies currently provide services and housing to nearly 10,000 older adults in 83 communities throughout Arizona, California, Idaho, Nevada and Washington. SQLC currently owns and operates five communities in Texas and one in Indiana.
“The purchase of Seniority Inc., will allow us to add more communities to our portfolio while expanding the services we can offer to our existing communities and others across the country,” said Stan Waterhouse, president and CEO of SQLC.