Press Release (ePRNews.com) - MCLEAN, Va. - Mar 09, 2021 - Inspirit Senior Living (“Inspirit”) and Venue Capital (“Vencap”) co-sponsored a joint venture with Drake Real Estate Partners (“Drake”) to acquire The Willows, a 126-unit, Class A assisted living and memory care community located adjacent to The Villages in Oxford, FL. The joint venture plans to immediately begin renovations to improve the product mix and attract local seniors in one of the fastest growing and premier retirement destinations in the country.
Built in 2015, The Willows is a Class A property that appeals to the sophisticated tastes and social lifestyle of its residents. Situated on over four manicured acres, the community enjoys proximity to numerous golf courses, equestrian centers, rivers, and other entertainment options. Residents appreciate the luxury of living in a resort lifestyle with a variety of suite types, and the high-quality level of service and care that Inspirit is known for. Part of the renovation plan includes creating “The Bellwether Suites,” which will offer larger, upscale units with specialized amenities and private terraces.
Like other Inspirit communities, The Willows offers assisted living and Inspirit’s Sage Program, which is specifically designed for the memory impaired. The Sage Program’s mission is to honor its residents — creating meaningful interactions, in safe hands, while working within its residents’ memories and abilities.
Dave McHarg, Chief Executive Officer of Inspirit, said, “We are excited to expand our Florida footprint with this beautiful community that has a great team already in place. The pandemic has made the past year extraordinarily difficult for seniors, and we are honored to provide a safe and social environment where they can be cared for and thrive.”
Michael Goldberg, Chief Executive Officer of Vencap added, “We’re thrilled to continue our expansion with Inspirit, while simultaneously launching a new partnership with a like-minded organization in Drake. We look forward to revitalizing this high-quality property, creating exceptional experiences for its seniors, and looking for additional growth opportunities as the nation emerges from the pandemic.”
Nicolas Ibanez, co-founder of Drake Real Estate Partners remarked, “The pandemic has severely affected senior living communities, its service staff and residents. This is a unique partnership and investment opportunity, which allows us to give people renewed enthusiasm, while creating positive momentum and reinvigorating the property.”
ABOUT INSPIRIT SENIOR LIVING
Inspirit Senior Living is an owner/operator of senior living communities in the Mid-Atlantic, Midwestern, and Southern regions of the United States. Founded in 2015 by some of the senior-care industry’s most respected leaders, Inspirit aims to identify under-performing struggling communities and to acquire, modernize, and professionalize them, taking advantage of the network’s economies of scale while preserving each property’s home-like atmosphere and the individual attention to each resident that defines a successful senior living experience. Inspirit is committed to be a force for good in every community where it operates, creating good jobs, contributing to the local economy, and above all, providing senior care that respects the dignity and gifts of every resident. For more information, visit inspiritseniorliving.com
ABOUT VENUE CAPITAL LLC
Venue Capital LLC is a New York City based investment and asset management firm dedicated to the seniors housing sector. Vencap partners with premier regional operators to provide exceptional experiences for residents while enhancing value for investors. Vencap targets well-located properties that can be improved through superior operations, strategic capital improvements, and steadfast asset management oversight. The combined components of real estate, hospitality, needs-driven service, and demographic tailwinds make seniors housing a unique asset class that offers the opportunity for both growth potential and consistent performance. Vencap currently owns 12 senior living communities in the Southern and Midwestern regions of the United States. For more information, visit venuecapital.com.
ABOUT DRAKE REAL ESTATE PARTNERS
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing, and improving operations. Drake uses the flexible, long term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed over $1.5 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial, office (incl. medical office and creative office), self-storage, senior housing, retail, and hospitality.
To further impact the local communities in which Drake invests, the firm has partnered with 1% for the Planet, a conservation-focused nonprofit whose mission and values are consistent with those of Drake’s founders. Drake donates 1% of the firm’s annual revenues to nonprofit conservation-related initiatives in the markets in which it invests. Specific to its investments in Florida, Drake is partnering with The Everglades Foundation, a well-respected authoritative source for scientific research on the Everglades. The Everglades Foundation, with support from Drake, is pursuing a study to understand the effects of climate change on the natural ecosystems and industries of Florida. For more information on The Everglades Foundation, visit evergladesfoundation.org. For more information on Drake Real Estate Partners, visit drakerep.com.
David McHarg, CEO 703-815-5800 firstname.lastname@example.org
Inspirit Senior Living