DES MOINES, Iowa, June 20, 2016 (GLOBE NEWSWIRE) -- LCS announced today that Life Care Companies, LLC and its joint venture partner HCP, Inc. (NYSE:HCP) emerged as the prevailing bidder for Glenmoor, a senior living community located in St. Augustine, Florida, at an auction held on June 2, 2016. Glenmoor is a not-for-profit Life Plan Community, also known as a Continuing Care Retirement Community (CCRC). Glenmoor has 157 independent living and 36 assisted living residences, and 30 private nursing suites. LCS did not disclose details of the transaction, which remains subject to final regulatory approval.
"LCS is delighted with the auction outcome," says Ed Kenny, chairman and CEO of LCS. "To be associated with the Glenmoor community is such a positive development in so many ways. Glenmoor residents are engaging, the design and layout is extremely attractive, St. Augustine is a strong and growing market, and it is an opportunity to build a relationship with HCP, our capital partner."
"We are very excited to partner with LCS on this transaction," stated Justin Hutchens, Chief Investment Officer of HCP. "We view LCS as a leading national operator of senior housing communities and CCRCs, with a long track record of delivering market leading services and care to seniors. We look forward to growing our relationship with LCS as they continue to expand their business."
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies focus on development, operations management, marketing and sales management, and strategic planning for Life Plan Communities, also referred to as Continuing Care Retirement Communities (CCRC), and rental independent living, assisted living, and memory care communities nationwide. The company also provides a full-service real estate private equity enterprise, insurance, national purchasing consulting services and in-home care. The companies of LCS serve thousands of seniors across the nation. For more information, visit LCSnet.com.
CONTACT:Jeri Uhlmansiek National Marketing Director 515.875.4500
Source:Life Care Services LLC