West Des Moines, IA-based Lifespace Communities and Addison, TX-based Senior Quality Lifestyles Corp. have finalized an affiliation agreement after a year-long process first announced in May 2018, the organizations announced Friday.
When the deal closes, Lifespace will become the sole owner and operator of three SQLC continuing care retirement communities — Edgemere in Dallas, Querencia at Barton Creek in Austin, TX, and The Stayton at Museum Way in Fort Worth, TX — as well as SQLC’s management company, Seniority.
“Under the Lifespace brand, I know these communities will continue to flourish and add some Texas flair to an already diverse and successful organization,” SQLC Board of Directors Chair Scott T. Collier said.
Lifespace said it will be the 10th largest not-for-profit senior living organization in the country once the agreement is finalized.
The organization did not provide a timeframe for closure, other than to say that it would occur once it secured all regulatory approvals. Nor did the company indicate what will happen to SQLC’s other CCRCs, The Buckingham in Houston and The Barrington of Carmel in Carmel, IN. Additional details will be coming, a representative said Friday when contacted by McKnight’s Senior Living.
Lifespace said it currently serves more than 5,000 residents and employs more than 2,800 across 12 communities in seven states: Florida, Illinois, Iowa, Kansas, Michigan, Nebraska, Pennsylvania. With the addition of the three SQLC communities, the organization will add Texas to the list of states in which it operates.
The affiliation will benefit both residents and employees, Lifespace Board of Directors Paula Shives said in a statement.
“As a stronger, more diversified system, we can leverage a broader network of resources and talent to provide exceptional services to a greater number of older adults and families,” she said. “From an operations perspective, this undoubtedly strengthens all of the communities and supports the shared mission of our organizations to celebrate the lives of seniors.”
Lifespace ranked 11th on the 2018 LeadingAge Ziegler 200 list of the country’s largest not-for-profit senior living providers, based on a total of 4,034 units / beds across 12 life plan communities. SQLC was ranked 31st based on 2,139 total units / beds across six communities.