January 13, 2018
DALLAS, TX– Following the purchase of six Dallas-based senior living communities, Life Care Services has announced an immediate multimillion-dollar renovation and beautification plan for the properties. The projects will break ground in early 2018 and see improvements throughout the campuses, including common areas, dining venues, residential apartments and exterior entrances and grounds.
“We’re so pleased to add these communities to our portfolio, and this multimillion-dollar renovation plan is a clear indication of our commitment to these properties, and the residents and families they serve,” said Joel Nelson, president and CEO of Life Care Services, the nation’s third-largest senior living operator.
“For more than 40 years we’ve built a reputation as a leader in the industry through exceptional hospitality, dynamic programs and services, and bright, inviting accommodations and living spaces. This plan will help these communities better align with our vision, and continue to provide quality, dignified housing for older adults in the area,” Nelson added.
Since 2014, the six communities—Autumn Leaves on White Rock Lake, Monticello West, Parkwood Retirement Community, Parkwood Healthcare Community, Signature Pointe on the Lake and Walnut Place—have been managed by Life Care Services under different ownership.
“We’ve been somewhat limited in the improvements we could make at these communities, given we didn’t own them,” Nelson explained. “Previous investment focused on necessary infrastructure improvements, such as roofs and HVAC systems. We invested millions in those areas during the last three years, but we now have greater flexibility to make upgrades that residents will truly notice and will appeal to today’s seniors.”
Life Care Services will continue to manage the communities’ day-to-day operations, and each community will continue to offer multiple levels of care.
“We want to be clear there will be no disruption in care or service at any of these locations, including staff members and leadership teams,” Nelson emphasized. “Residents and their families, as well as local hospitals, health care professionals and other community partners, can have confidence that the relationships they’ve built with these communities will remain unchanged.”
Life Care Services, an affiliate of LCS, purchased the six communities through a joint venture partnership with ASPECT Investment Partners. The renovation plan is expected to be finalized in 2018, and will be led by LCS development.