Blake Management Group expects to add 10 resort-style senior living communities to its portfolio over the next five years through a new joint venture with LifeCare Properties announced this week.
LifeCare Properties, a wholly owned affiliate of Biloxi, MS-based commercial real estate company Comvest Properties, will develop the new communities, and Jackson, MS-based BMG will operate them.
“I have a great amount of respect for how LifeCare Properties performs the development process and we feel our companies have tremendous synergies in culture, diligence and high expectations,” BMG CEO Jeremy Cole said in a statement.
Eleven-year-old BMG currently has 17 senior living communities and operates or has communities in development in seven states: Alabama, Florida, Louisiana, Mississippi and South Carolina, Tennessee and Virginia. BMG focuses primarily in assisted living and memory care units and programming but also manages approximately 300 independent living units. The new communities will be located in select East Coast, Midwest and Southwest markets, according to the organization.
“Moving to a national brand with several regions allows us to grow our development goals and operational process initiatives at BMG,” Cole said. “For us, scaling this company relates to our qualifiable goals as much as, if not more than, our quantifiable goals. It opens up opportunities for mobility for all of our current associates, and allows us to attract new talent.”
The joint venture agreement was finalized last month, and development of new properties is expected to begin later this year, with more development next year.
