A joint venture between Grosvenor Fund Management (GFM) and LCB Senior Living has acquired The Arbors of Bedford, a specialized assisted living facility in Bedford, New Hampshire, for $35 million.
This is the second investment for a GFM fund that was formed to acquire up to $500 million in seniors’ housing and medical office facilities. The acquisition of The Arbors of Bedford adds another strong property to the fund’s portfolio, which also includes Edgehill, a 266-unit continuing care retirement community in Stamford, CT.
The Arbors of Bedford is the first acquisition for LCB Senior Living, a newly formed senior housing owner/operator consisting of the former management team of Newton Senior Living, which was acquired by Lazard Freres in 2005. As exclusive advisor to LCB, Cushman and Wakefield’s Senior Housing Capital Markets Group arranged acquisition financing from Bank of America as well as the GFM equity investment.
Built in 1998, The Arbors was designed to provide housing and healthcare for residents with Alzheimer’s and dementia. Its 83 beds are nearly fully occupied. The acquisition includes an adjacent four-acre wooded parcel that could be developed as complementary seniors housing. The new ownership plans to repurpose underutilized space within the existing structure to create seven new beds.
“The Arbors, under the experienced management of LCB, provides an excellent investment opportunity,” commented Charles Walters, Chief Investment Officer for Grosvenor Fund Management’s Philadelphia-based US operation.
Noted Alexia Gottschalch, CEO, Grosvenor Fund Management in the USA: “The Arbors acquisition fits the strategy of the investment partnership to acquire high-quality seniors housing properties in high-barrier-to-entry markets.”
Grosvenor Fund Management is currently seeking additional opportunities to develop joint ventures with strong operating partners for the purpose of acquiring or recapitalizing seniors housing and medical office properties throughout the U.S. Inquiries may be directed to: Charles Walters, Chief Investment Officer, 215.575.3785 – Charles.Walters@grosvenor.com.