CALIFORNIA, MD—Orlando, FL-based Sentio Healthcare Properties, Inc. has acquired the Spring Village of Wildewood senior living community here for $9.65 million.
The Spring Village of Wildwood property features a total of 48 assisted living and memory care units. The community is located within The Villages of Wildewood, an age restricted, 55-and-older single-family and multi-family community within a larger Planned Unit Development known as Wildewood. The newly constructed property opened in May 2014.
Sentio has partnered with WoodBine Senior Living to operate the property. WoodBine currently manages two existing properties in Sentio's portfolio, Forestview Manor in Meredith, NH and Spring Village at Floral Vale in Yardley PA.
The acquisition marks an additional investment under Sentio's investment agreement with an affiliate of leading global investment firm Kohlberg Kravis Roberts & Co. L.P. As a part of the agreement, KKR committed to provide an initial $150-million of convertible preferred equity to Sentio over a two- to three year period.
Sentio president and CEO John Mark Ramsey says of the firm's latest purchase, “We are excited to have another opportunity to partner with WoodBine Senior Living. Through the years, we have shared a common passion in our approach to senior housing. Our team has been impressed with their creative initiative, and consistent desire to stay on the cutting edge of providing optimal resident care. We believe their leadership and experience will lead to a very successful project.”
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