Spectrum Retirement Communities, a developer, owner and operator of retirement, assisted living and memory care communities across the United States, has put a real estate fund on the market, according to a filing with the SEC. The firm did not comment on its fundraising efforts.
The fund, Spectrum Development Opportunity III, will invest in assisted living and memory care communities across the United States. The firm also develops and operates the communities as well. According to the filing, the firm is seeking to raise $100 million and has already raised $60.5 million. The minimum investment in the fund is $2 million.
Spectrum Retirement Communities has senior living communities across major metro areas in 10 states, including Arizona, Colorado, Illinois, Indiana, Kansas, Missouri, New Mexico, Ohio, Oregon and Texas. The company wants to expand its operating and developing into 2019 with a 16-community development strategy. Although each of Spectrum’s properties is tailored to the surrounding community, the typical building has between 125 and 200 units.
Spectrum Retirement Communities is headquartered in Denver.
