LCS Acquires Arbor Glen CCRC in New Jersey
DES MOINES, IA–LCS announced today the company acquired Arbor Glen, a Life Plan Community, formerly referred to as a Continuing Care Retirement Community (CCRC) located in Bridgewater, NJ. At time of closing, the community’s name changed from Arbor Glen to Laurel Circle. LCS Real Estate facilitated the transaction, and Life Care Services will provide management services; both are LCS companies. LCS will invest $8 million for capital improvements, but full financial details will not be disclosed.
Arbor Glen was formerly owned and operated by Friends Retirement Concepts, Inc. The community sits on 23 acres and has 299 total units consisting of 183 independent living apartments, 19 independent living villas, 23 assisted living units, 10 memory care units, and 64 beds of skilled nursing.
LCS Real Estate has executed on acquisition and development transactions in excess of $800 million since 2016, and currently has an ownership stake in 37 senior housing communities nationwide, including 13 Life Plan Communities.
“Arbor Glen is a great asset and in a great market,” says Joel Nelson, president and CEO of LCS. “By selling the community, the board resolved the community’s leverage issues and aligned with fiscally strong ownership, which ensures financial commitments to the community’s residents are honored.”
Of the 11 Letters of Intent (LOI) submitted to Arbor Glen, the community’s board of directors interviewed eight companies during the sales process, which began in late 2016.
“This was a very competitive bidding process and the board conducted a thorough review,” says David Laffey, EVP and senior managing director of LCS Real Estate. “They wanted a new owner and operator who would maintain the community’s strong culture and values.”