Market Overview

Inspirit Senior Living Announces Acquisition Of Two Ohio Facilities

Share:

Inspirit Senior Living Announces Acquisition Of Two Ohio Facilities

Properties are latest additions to fast-growing major new network

PR Newswire

CUYAHOGA FALLS, Ohio, Aug. 23, 2018 /PRNewswire/ -- Inspirit Senior Living today announced that it has acquired two seniors housing facilities in Ohio, marking the first expansion into the Midwest for the Virginia-based corporation. The Gardens of Cuyahoga Falls and The Gardens of Liberty Park (formerly the Gardens of Western Reserve) mark the seventh and eighth acquisition for Inspirit, a venture headed by industry veteran David McHarg and his highly seasoned team, whose other properties are concentrated in the mid-Atlantic and Southern states. Inspirit partnered with Venue Capital LLC, a New York City-based real estate and asset management firm, on the two new Ohio acquisitions.

Inspirit's business model focuses on identifying and acquiring well-respected, stand-alone facilities and incorporating them into a network that can capture economies of scale. In the past year, inspirit has acquired properties in Virginia, Tennessee, and Pennsylvania which, like the 120-unit Gardens of Liberty Park and the 130-unit Gardens of Cuyahoga Falls, the company plans to upgrade, modernizing back-office systems and extensively renovating the buildings and grounds. Said Inspirit CEO David McHarg: "Inspirit is honored to add The Gardens of Liberty Park and The Gardens of Cuyahoga Falls to our growing family of communities. (Seller) Rich Piekarski and his team have been serving Ohio families for many years, and we look forward to building on that legacy to deliver an even better experience."

The seller, senior care industry veteran Rich Piekarski, pursued a thoughtful process of finding a buyer with shared values. "Dave is an excellent leader who has built a team with experience and integrity. Our residents, families, and employees are in great hands with Inspirit."

Inspirit CEO David McHarg founded the company in 2015 after retiring as president and chief operating officer of Greenfield Senior Living, a leading network of assisted living communities. Under McHarg's leadership, Greenfield grew from two properties to more than 20 communities in six states. Like other Inspirit communities, both The Gardens of Cuyahoga Falls and The Gardens of Liberty Park offer assisted living & memory care. Inspirit is currently in active negotiations to acquire additional properties.

ABOUT INSPIRIT SENIOR LIVING

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/inspirit-senior-living-announces-acquisition-of-two-ohio-facilities-300701178.html

SOURCE Inspirit Senior Living

View Comments and Join the Discussion!