Care Investment Trust Enters Joint Venture With Inspirit Senior Living For Senior Living Community In Tennessee
NEW YORK–Care Investment Trust LLC (“Care”), a real estate investment company focused exclusively on the seniors housing sector, expanded its relationship with Inspirit Senior Living (“Inspirit”) with the acquisition of the Foxbridge senior living community (to be known as “Foxbridge, an Inspirit Senior Living Community”). The community, located in suburban Memphis, has 120 units and sits on an eight-acre gated campus. Care and Inspirit intend to spend approximately $850,000 to renovate the community with the goal of improving occupancy, increasing efficiencies, and enhancing the resident experience. Affiliates of Inspirit will operate and manage the community.
Salvatore (Torey) Riso, President and Chief Executive Officer of Care, remarked, “Care is very pleased to have the opportunity to expand its relationship with Inspirit through the acquisition of Foxbridge. Care believes that properties like Foxbridge, and operators like Inspirit, provide a model of how senior living can work at its best.”
Dave McHarg, Chief Executive Officer of Inspirit, said, “The physical beauty of the Foxbridge campus is unmatched, but the people make it the special place it is. Inspirit is proud to add Foxbridge to our growing family of properties and we look forward to working with the Foxbridge team to provide exceptional care to the residents of Foxbridge for many years to come.”
Inspirit currently operates and manages two properties, and is pursuing other opportunities to add to its growing portfolio.