LCS® announced today that Life Care Companies, LLC and its joint venture partner HCP, Inc. (NYSE:HCP) emerged as the prevailing bidder for Glenmoor, a senior living community located in St. Augustine, Florida, at an auction held on June 2, 2016. Glenmoor is a not-for-profit Life Plan Community, also known as a Continuing Care Retirement Community (CCRC). Glenmoor has 157 independent living and 36 assisted living residences, and 30 private nursing suites. LCS did not disclose details of the transaction, which remains subject to final regulatory approval.
“LCS is delighted with the auction outcome,” says Ed Kenny, chairman and CEO of LCS. “To be associated with the Glenmoor community is such a positive development in so many ways. Glenmoor residents are engaging, the design and layout is extremely attractive, St. Augustine is a strong and growing market, and it is an opportunity to build a relationship with HCP, our capital partner.”
“We are very excited to partner with LCS on this transaction,” stated Justin Hutchens, Chief Investment Officer of HCP. “We view LCS as a leading national operator of senior housing communities and CCRCs, with a long track record of delivering market leading services and care to seniors. We look forward to growing our relationship with LCS as they continue to expand their business.”