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Care Investment Trust, Inspirit Senior Living JV Acquires Two Pennsylvania, USA Senior Living Communities
Monday 19 June 2017

19 June 2017 - US-based seniors housing REIT Care Investment Trust LLC has expanded its relationship with US-based seniors housing operator Inspirit Senior Living with the acquisition of two properties in Pennsylvania for USD 13m, the company said.

The communities, located in the boroughs of Macungie and Palmerton, will be rebranded as, "The Willow, an Inspirit Senior Living Community" and "The Palmerton, an Inspirit Senior Living Community," respectively.

The properties were built between 2002 and 2003, have a total of 111 units, and were approximately 90% occupied at closing. Care and Inspirit intend to spend approximately USD 850,000 to refurbish the communities with the goal of increasing efficiencies and enhancing the resident experience.

Affiliates of Inspirit will operate and manage the communities.

Inspirit currently operates and manages four properties in TN, VA, and PA, and is pursuing other opportunities to add to its growing portfolio.

Care Investment Trust is a real estate investment company focused exclusively on the seniors housing sector. Care owns senior apartments, independent living facilities, assisted living facilities, memory care, and skilled nursing facilities throughout the United States.

The company invests in properties and portfolios ranging from USD 5m to USD 200m, and structures investments on a case-by-case basis to meet the needs of our operating partners and our investors.

Care is a wholly-owned subsidiary of Tiptree Inc. (NASDAQ: TIPT).

Inspirit CEO David McHarg founded Inspirit Senior Living in 2015 after retiring as president and chief operating officer of Greenfield Senior Living, a network of assisted living communities.

Under McHarg's leadership, Greenfield grew from two properties to more than 20 in six states.

Inspirit is currently pursuing other acquisition opportunities in the mid-Atlantic and Southern regions of the country.
Details
Date Published: 19/06/2017
Target: Two senior housing properties in Pennsylvania
Country: USA
Deal Size: 13m (USD)
Sector: Construction/Real Estate
Type: JV
Financing: Cash
Status: Closed
Vendor:
Buyer: Care Investment Trust, Senior Living
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