January 11, 2017
New York-headquartered Care Investment Trust LLC and Greenfield Senior Living combined forces to acquire Spring Meadows of Lansdale, a memory care center with 120 units and 150 licensed beds in Lansdale, PA. The units are broken down as personal care (64 units) and memory care (56 units).
The sales price was undisclosed, as was the seller. Public records show the property valued at $2.8 million, while the seller was a partnership led by New York-based Time Equities’ Robert Kantor.
Greenfield Senior Living already rebranded the property at 1800 Walnut St. as Greenfield of Lansdale, with plans to improve occupancy. Situated on 6.6 acres, the 60,000-square foot property delivered in 1985, and was renovated in 2015.
Falls Church, VA-based Greenfield Senior Living operates 20 properties, several of which are in the Pennsylvania region. Care Investment Trust, a wholly owned subsidiary of Tiptree Inc., owns 30 seniors housing communities across the United States, 13 of which are managed or operated by Greenfield.
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