Fundraising - JULY 12, 2018

LCS closes $300m equity senior housing programmatic JV

by Released

LCS has closed its $300 million equity senior housing programmatic joint venture. LCS Real Estate will serve as sponsor of the joint venture and will partner with a large institutional investor to execute on the investment platform.

Life Care Services will provide management services to the acquired and developed communities. Both are LCS companies. CBRE Capital Advisors, Inc., in conjunction with the CBRE National Senior Housing Team, was the exclusive financial adviser on the transaction.

“This investment vehicle is a strategic advantage for LCS,” says Joel Nelson, president and CEO of LCS. “The joint venture platform will use discretionary funds to invest in core, value-add and development assets, including communities already operated by LCS.”

LCS sought a like-minded, long-term institutional partner to invest in senior housing acquisitions across the risk spectrum and including development.

“This is a milestone event in the next chapter of optimizing the company’s real estate platform,” says David Laffey, EVP and senior managing director of LCS Real Estate. “The joint venture provides greater control, greater certainty of execution, and streamlines the investment process.”

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.

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