Des Moines, Iowa (PRWEB) April 02, 2014 -- LCS announced today that the company acquired Danberry at Inverness, a senior living community located in Hoover, Ala. The rental-based community has 160 independent living and 72 assisted living residences. The joint venture with an affiliate of Walton Street Capital, L.L.C. closed March 31, 2014. Management, marketing and sales will be provided by Life Care Services™, an LCS company. Terms of the agreement were not disclosed.
Ed Kenny, president and chief executive officer of LCS says the company acquired Danberry at Inverness to complement the company’s growing rental, assisted living, and memory care portfolio. “We continue to move forward with our growth and diversification strategies, and this is another step in that process. Danberry at Inverness is a beautiful senior living community that is performing well in the market. It is a great addition to our equity portfolio.”
The community was selected as one of the nation’s top communities in 2013 by SeniorAdvisor.com. Danberry of Inverness is the second acquisition this year by LCS. The company acquired Oregon-based Encore Senior Living on February 1, 2014.
About LCS®
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for continuing care retirement communities (CCRCs), stand-along assisted living, memory care, and rental communities nationwide. The company also offers home health care and companion services, insurance, and national purchasing consulting services. The companies of LCS serve more than 33,000 residents in 127 communities in 32 states including the District of Columbia. For more information visit LCSnet.com.
About Walton Street
Walton Street Capital, L.L.C. is a premier private equity real estate firm based in Chicago, Illinois that focuses on value-added and opportunistic real estate related investments. Since its founding in 1994, affiliates of Walton Street Capital have received total equity commitments of over $8.0 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts, and high net worth individuals. The firm employs over 100 professionals through its offices in Chicago, IL, Mexico City, Mexico and Mumbai, India.
Jeri Uhlmansiek, LCS, http://www.lcsnet.com/, +1 515-875-4702, [email protected]
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