Commonwealth Senior Living's rebranding includes a new logo and color palette.
Commonwealth Senior Living’s 2016
rebranding included a new logo and color palette.

Toronto-based Invesque, which changed its name from Mainstreet Health Investments in early 2018, has entered into an agreement to acquire Charlottesville, VA-based Commonwealth Senior Living for $340.4 million.

The deal is expected to close in the third quarter.

“We have long believed alignment is the key to a successful partnership, and the Commonwealth acquisition allows us to vertically integrate with a leading regional operator,” Invesque Chairman and CEO Scott White said in a statement. “Furthermore, this transaction positions our portfolio well as we continue our focus on creating a diversified healthcare real estate company.”

The agreement includes 20 private-pay senior living communities — independent living, assisted living and memory care — in Virginia (19) and Pennsylvania (1). The properties have a total of 1,440 units with 1,716 beds. Invesque described the communities as having an average age of 10 years and being located in “attractive and growing markets.”

Invesque also will obtain an exclusive right of first offer on three additional senior living communities that are managed by Commonwealth. Invesque did not say what will happen to an additional community in Commonwealth’s portfolio.

Commonwealth’s senior management team is expected to remain in place. The company’s senior vice president of sales and marketing, Kristy Ruppe Craddock, was named a McKnight’s Women of Distinction Rising Star this year.

The company was founded in 2002 by CEO Richard Brewer with Municipal Capital Appreciation Partners. Executives changed the company’s name in 2016, referencing senior living instead of assisted living.

The acquisition will bring Invesque’s portfolio to 122 properties and 10,844 beds, collectively worth more than $1.8 billion, in 20 states and two Canadian provinces. Invesque said that with the transaction, private-pay senior housing will represent approximately 52% of its consolidated net operating income.

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