Facebook LinkedIn Twitter RSS

Palmerton, Macungie senior communities sold for $13M

By ,
The Willow, an Inspirit Senior Living Community in  Macungie. (Contributed)
The Willow, an Inspirit Senior Living Community in Macungie. (Contributed)

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.

You May Have Missed...

Stacy Wescoe

Stacy Wescoe

Writer and online editor Stacy Wescoe has her finger on the pulse of the business community in the Greater Lehigh Valley and keeps you up-to-date with technology and trends, plus what coworkers and competitors are talking about around the water cooler — and on social media. She can be reached at stacyw@lvb.com or 610-807-9619, ext. 4104. Follow her on Twitter at @morestacy and on Facebook. Circle Stacy Wescoe on .

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close