Toronto-based Invesque has closed on its previously announced acquisition of Charlottesville, VA-based Commonwealth Senior Living and 17 private-pay senior living communities totaling 1,205 units and 1,469 beds, the company announced Thursday.
Invesque Chairman and CEO Scott White called it “a pivotal moment” for his company.
“This transaction expands our capabilities by transforming Invesque into a vertically integrated owner of seniors housing with a team that is committed to providing resident-centered care,” he said.
Invesque, which changed its name from Mainstreet Health Investments in early 2018, also acquired the Commonwealth management company, led by Commonwealth CEO Richard Brewer.
“We look forward to expanding the Commonwealth brand to more communities in Virginia and beyond,” Brewer said.
The aggregate purchase price for the 17 communities was approximately $285.4 million, Invesque said. The acquisition of an additional three properties is expected to close within the next 90 days. In May, Invesque valued the total purchase — 20 independent living, assisted living and memory care communities in Virginia (19) and Pennsylvania (1) — at $340.4 million.
The portfolio, White said, “is nothing short of remarkable.” The average age of the properties is 10 years, Invesque previously said.