DES MOINES, Iowa, Jan. 11, 2016 (GLOBE NEWSWIRE) -- LCS® and ROC Seniors formed a joint venture partnership to acquire Newcastle Place, a 257-unit Life Plan Community, formerly referred to as a Continuing Care Retirement Community (CCRC), in Mequon, Wis. The transaction closed December 14, 2015. The community was previously owned by a joint venture between LCS and Westminster Capital. Life Care Services™, An LCS Company, will continue to manage the community.
"LCS continues its positive momentum with its real estate strategy," says Ed Kenny, chairman and CEO of LCS. "Newcastle Place is located in an area with significant upward market potential. Partnering with ROC provides the community with capital to realize its full potential."
Life Care Services has managed Newcastle since 2012 and under terms of the new agreement will continue to provide management services. Since Life Care Services first assumed management, there has been a reinvigorated focus on residents' lifestyle and wellness. New programming supporting this initiative includes a second fitness center, Health Care Navigator, and the Healthy Life Services program featuring the eight dimensions of wellness to help residents experience active, vibrant lives. The quality of life programs are in addition to providing outstanding service through its Extraordinary Impressions hospitality program.
"Newcastle Place has a solid reputation for providing quality services, which Life Care Services is proud to build upon with its unique resident-centric programming," says Joel Nelson, president and COO of LCS. "We will continue to deliver on our hospitality promise with our new partners and appreciate the opportunity to continue serving the seniors at Newcastle Place."
"We are thrilled to once again partner with a best-in-class operator like LCS. This investment highlights our combined deep industry expertise and creative platform capital solutions, which translates into excellent returns for our limited partners," noted Robb Chapin, CEO of ROC Seniors.
Phil Anderson, CIO of ROC Seniors adds, "This partnership will allow Newcastle Place to continue to flourish through enhanced residence amenities, service and care delivered by an exceptional team at the community. We are committed in every way to ensure the highest quality experience for our residents, which will create long-term sustainable future growth."
About LCS®
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides in-home care, insurance, and national purchasing consulting services. The companies of LCS serve thousands of residents across the nation. LCS is an equal opportunity employer hiring skilled and professional employees to better serve the customer. For more information, visit LCSnet.com.
About ROC Seniors Housing Fund Manager, LLC
ROC Seniors Housing Fund Manager, LLC ("ROC Seniors") is a fund manager for a family of private equity funds that focus on investments in seniors housing and other healthcare properties. ROC Seniors currently has over $1.1 billion of regulatory assets under management (RAUM) with 41 properties. ROC Seniors is a subsidiary of Bridge Investment Group Partners, LLC ("Bridge-IGP") a registered investment adviser. Bridge-IGP and ROC Seniors are integrated investment advisers under the Investment Advisers Act of 1940. Bridge-IGP, headquartered in Salt Lake City, Utah, has over $4.3 billion of regulatory assets under management (RAUM) plus their affiliates own/manage an additional $400 million in real estate assets. For more information, visit http://www.bridge-igp.com/
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