Transactions

Assisted Living Joint VentureAtlanta, GA

Assisted Living Joint Venture

Recognizing a way to diversify our holdings and achieve outsized risk adjusted returns, we seized on an opportunity to partner with and provide capital expertise in the Assisted Living and Memory Care segment.

Recognizing a way to diversify our holdings and achieve outsized risk adjusted returns, we seized on an opportunity to partner with and provide capital expertise in the Assisted Living and Memory Care segment.

Glenfield Capital formed a joint venture to develop, own and operate a chain of innovative yet affordable assisted living communities. This segment of the market is currently experiencing a favorable confluence of consistently rising demand due to aging demographics and a lagging supply of adequate facilities.

After learning more about the “why” behind our operating partner’s attraction to Senior Housing, appreciating the unique design features and differentiators of the product and studying the industry as a whole, we knew what our next move would be.

At the beginning of 2015, Glenfield Capital entered into a joint venture agreement to develop up to 5 state-of-the-art assisted living facilities throughout metro Atlanta with a stabilized value of exceeding $125 million.  The first of these developments will be located on in Atlanta’s most prosperous and growing suburb, North Fulton.  Glenfield Capital provided the majority equity and assisted with financing pursuits.

Our operating partner will utilize the latest in technology to administer care for all residents, which will also result in additional operational efficiencies.  Other distinctive features include: walk-in-closets, larger room sizes, separate in-room sleeping and living quarters, 10’ ceiling throughout, private dining option, theatre room, art room, library and beauty salon.  The facility will be licensed by the Georgia Department of Community Health.

Comprising 94 Units over 70,000 sf and with a development cost of approximately $14 million, the North Fulton development site is well underway with an expected delivery date of July 2016.

Glenfield showed up with:

  • Recognizing/Identifying Opportunity
  • Vision
  • Risk Tolerance