Care Investment Trust LLC of New York, a real estate investment company exclusively focused on the seniors housing sector, has joined with Inspirit Senior Living in acquiring two Greater Lehigh Valley properties for $13 million. Palmerton, Macungie senior communities sold for $13M
The senior communities are in Macungie and Palmerton.
The Macungie community will be rebranded as “The Willow, an Inspirit Senior Living Community,” and the Palmerton property will be known as “The Palmerton, an Inspirit Senior Living Community.”
According to Inspirit CEO David McHarg, whose company will be handling the operations of the communities, the companies intend to spend about $850,000 on refurbishing the properties to increase efficiencies and enhance resident experience.
McHarg said the properties were built in 2002-03, have a total of 111 units and were about 90 percent occupied when the deal was closed.
He said existing, local management will remain on-site and he doesn’t anticipate any impact on employment levels.
Inspirit now operates and manages four properties in Tennessee, Virginia and Pennsylvania and is working with Care Investment to further grow its portfolio.