MCLEAN, VA / ACCESSWIRE / April 29, 2021 / Inspirit Senior Living ('Inspirit') and Venue Capital ('Vencap') co-sponsored a joint venture with Drake Real Estate Partners ('Drake') to acquire a 79-unit, assisted living and memory care community located in Lecanto, FL. The property, formerly known as Brookdale Citrus, will be rebranded to The Reserve at Citrus in connection with a large-scale renovation project.
The renovation will transform the community into a welcoming and restorative environment for both residents and visitors, with comfortable furnishings paired with artwork that reflects and celebrates everything Citrus County has to offer. In addition to the interior enhancements, the renovation will establish pleasant outdoor spaces, inviting residents and their families to enjoy the vast grounds available.
Like other Inspirit communities, The Reserve at Citrus 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're honored to welcome the residents, their families, and the heroes working at this community into the Inspirit family. It is our mission to provide great care and service to residents at an affordable price and in a setting where residents can feel safe, proud to call home, and thrive.'
Michael Goldberg, Chief Executive Officer of Vencap added, 'We continue our steadfast approach to finding attractive opportunities, while working with great partners and enhancing the lives of seniors.'
Nicolas Ibanez, co-founder of Drake Real Estate Partners remarked, 'We're thrilled with this follow-on acquisition as we grow our partnership with Inspirit and Vencap, bringing high quality, resident centric assets to the central Florida market. Drake has been focused on the senior housing sector for some time - and we see a very interesting moment to invest driven by a fundamentally temporary dislocation - but more importantly, we remain enthused by the tailwinds this property type offers, driven by longer term demographic shifts.'
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 13 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 (including 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
SOURCE: Inspirit Senior Living
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