Alta Senior Living Acquires a 175-unit Independent and Assisted Living Community in Margate, Florida with Plans to Invest an Additional $6.5M in Renovation Capital to Further Enhance the Community.
MARGATE, Fla. – Alta Senior Living recently closed on their first senior living community in Florida with the recent acquisition of Waterside Landing, a 175-unit independent and assisted living community in Margate, Florida. Upon closing, the operations was successfully transitioned to Alta Senior Living, Inc.
Over the next 12 months, Alta Senior Living will invest another $6.5 million in renovation capital to further enhance the community and convert 22 units on the first floor from assisted living to secured memory care.
“Waterside Landing is exactly the type of acquisition opportunity we’re seeking right now,” said Douglas Brawn, Principal of Alta Senior Living. “This community has so much potential, and we immediately saw the vision during our first community tour. It took us several months to tailor the right business plan, but we’re excited to complete the renovation work, enhance the design and amenities, and convert half of the first floor to secured memory care.”
The current residents and staff are excited about the upcoming changes too. “We took the time to meet with the residents and staff during the process to truly understand their needs, desires, and concerns,” said Sean O’Malley, VP of Operations at Alta Senior Living. “The health and welfare of our residents is always our top priority, so we wanted to incorporate them throughout the planning and improvement process.”
With the successful addition of Waterside Landing, Alta Senior Living is now working on several additional acquisition opportunities within Florida and California markets. “Although many investors are still on the sidelines, we’re excited about the opportunities we’re seeing right now,” said Scott McCorvie, CFO and EVP of Investments at Alta Senior Living. “We feel it’s the perfect time to acquire established communities, infuse strategic renovation capital, and transition out remote operator groups with our local, knowledgeable management teams.
With corporate offices in Santa Monica, California and West Palm Beach, Florida, Alta Senior Living is a fully-integrated senior living investment, development, and operations company that owns and/or operates over 530 units in three states. Additional information can be found on www.altasenior.com, or by contacting Scott McCorvie at .