January 4, 2019

Iowa chain acquires Essex retirement community

PHOTO | CONTRIBUTED
Essex Meadows in Essex.

A growing senior-living chain based in Des Moines, Iowa has acquired Essex Meadows, a 104-acre family-owned retirement campus that includes apartments and skilled nursing care.

LCS, which bills itself as the nation's second-largest senior living operator, said its real estate arm purchased the complex the company has been managing for the Weitz family, its owner since 1995.

The Essex community includes 189 independent-living apartments and 41 skilled-nursing residences.

The company also purchased a second retirement community the Weitz family owned in Palm City, Fla. Financial terms were not disclosed.

"Both communities have great reputations in the marketplace, strong leadership and exceptionally high resident satisfaction and occupancy," Dan Lahey, LCS Real Estate vice president and managing director, said in a statement.

LCS was the original developer for the complexes and its management division, Life Care Services, will continue to oversee both communities, LCS said.

LCS said it now has an ownership stake in 46 senior housing communities nationwide, including 16 Life Plan Communities, which provide a continuum of senior living options ranging from independent apartments to nursing homes.

Founded in 1971, the company said it specializes in high-quality senior lifestyle products and services.

Contact Natalie Missakian at news@newhavenbiz.com

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