LCS Enters into JV with Nine Senior Living Communities
- Dec 07, 2012
Des Moines, Iowa-based LCS has entered into a joint venture with Chicago-based real estate investment firm Harrison Street Real Estate Capital that has acquired an equity position in nine senior living communities in Greater Minneapolis.
The market-rate rental communities feature a total of 1,116 residential units. Through CRSA, an LCS company, LCS will provide a wide range of management and marketing services to the communities. Out of the nine communities, seven offer assisted living care and one provides memory care services.
“LCS and CRSA are pleased to have the opportunity to offer our hospitality, management and marketing expertise to this impressive collection of senior residences,” says Steve Nornes, director of operations management for CRSA. “Each community will receive customized support based upon our 41-year experience in the management and development of senior living communities.”
The nine communities on which LCS and Harrison Street have partnered include Earle Brown Terrace–Brooklyn Center; Heathers Estates–Crystal; Heathers Manor–Crystal; Meridian Manor–Wayzata; The Rivers–Burnsville; The Timbers–Apple Valley; Tradition–Brooklyn Park; Waterford Estates–Brooklyn Park; and Waterford Manor–Brooklyn Park.
Founded in 1971, LCS has had a presence in the Twin Cities area since 1978. Currently the company is developing Trillium Woods, a continuing-care retirement community in Plymouth, Minn. The new developments will be managed by Life Care Services, an LCS company that specializes in the management and marketing of CCRCs. Overall, LCS companies currently provide services to more than 30,000 residents in 31 states and the District of Columbia.
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