Troy, MI, July 26, 2023 (GLOBE NEWSWIRE) -- KIRCO, a nationally recognized full-service investment and real estate company with a focus in senior living, is pleased to announce the successful acquisition of Legacy Reserve at Fritz Farm, a premier senior living community located in Lexington, KY. The acquisition of this asset at materially below replacement cost further strengthens KIRCO's presence in the senior living market and enhances its commitment to providing exceptional living experiences for seniors.
Legacy Reserve at Fritz Farm is a core, stabilized class-A property that offers a luxurious and vibrant lifestyle for seniors. The community provides a range of high-quality amenities, services, and care options, allowing residents to live comfortably and enjoy their senior years to the fullest. Built in 2017, this state-of-the-art community boasts 167 units, including 114 independent living, 38 assisted living, and 15 memory care units. The range of care offered meets the diverse needs of its residents and provides a model for continuity of care as needs may change.
The successful acquisition of Legacy Reserve highlights KIRCO's partnership with Blueprint, a leading investment sales broker in the senior living market. With this acquisition, KIRCO has also assumed the in-place agency debt at an attractive interest rate well-below market.
Located within the thriving metropolitan area of Lexington, KY, Legacy Reserve benefits from the region's robust economic growth and increasing population. As the "Horse Capital" of the world and home to the prestigious University of Kentucky, Lexington offers a dynamic and culturally rich environment for residents. The community's prime location on the corner of main and main roadways, adjacent to the area's leading high-end retail center, positions it as the market leader in terms of quality, operations, and overall performance.
Legacy Reserve has consistently demonstrated strong performance and maintained an exceptional occupancy rate. With current occupancy at 100% and an average occupancy of 96% over the past three years, the community has truly established itself as the top choice for seniors seeking a luxurious and comfortable lifestyle in the Lexington area.
"We are thrilled to welcome Legacy Reserve to the KIRCO portfolio," said Matt Coughenour, VP Senior Living at KIRCO. "This acquisition aligns perfectly with our investment strategy and commitment to providing exceptional senior living experiences. The community's outstanding track record, combined with its prime location and exceptional amenities, positions it as the preeminent senior living community in the market.”
KIRCO is pleased to announce that Atlas, a trusted and highly respected senior living operating partner, has entered as a joint-venture partner and will continue to manage and operate Legacy Reserve. Dean Kiriluk, Chief Investment Officer at KIRCO, noted that “Atlas brings a wealth of experience to the property and a demonstrated track record of success. We anticipate this project representing the commencement of a successful strategic partnership.”
As KIRCO’s second senior living acquisition in less than three months, Legacy Reserve at Fritz Farm marks another significant milestone in KIRCO's expansion strategy within the senior living sector. By providing seniors with unparalleled comfort, well-being, and resort-style amenities, KIRCO remains dedicated to enhancing their quality of life and redefining the standard of the senior living experience.
About KIRCO
Founded in 1974, KIRCO is a commercial real estate investment and development firm, whose comprehensive offerings as a national developer, builder (KIRCO MANIX), and property manager, builds excitement and pride with every customer and community with whom it works. KIRCO has concentrated focuses in senior living and healthcare, and client-driven corporate facilities. KIRCO is third-generation family owned and operated, with operations in 13 states. For information, please visit www.KIRCO.com.
