A grand 320,874-square-foot former Catholic school turned senior living home in West Hartford has sold for the second time in seven months.
Lloyd Jones LLC., a Miami-based investor in assisted living facilities and multifamily housing, paid $4.3 million for the building on 10 acres at 1 Hamilton Heights Drive in a sale recorded July 11.
The seller, Syracuse-based Peregrine Senior Living, acquired the property for $4.9 million in a sale recorded Dec. 17.
In January, a Peregrine representative touted plans to expand a roughly 70-person occupancy to 100, and to expand memory care capabilities. Attempts to reach a Peregrine representative more recently have been unsuccessful.
Lloyd Jones plans to continue operating the property as a senior community with various levels of care under its “VIVA” brand, according to Jerrad Jasper, chief marketing officer for Lloyd Jones. The company plans to hold onto the property as a long-term asset and invest $1 million in upgrades to the building, Jasper said.
“With the redevelopment there, we should be on-par for being one of the best properties in the market,” Jasper said.
Lloyd Jones not only invests in senior living, but also directly manages the assets as well, Jasper said.
Upgrades will begin in August, Jasper said, giving residents time to meet the new management company and be comfortable with the coming changes. He said Lloyd Jones will invest in new staff, training of existing staff and facilities upgrades in order to better cater to the full spectrum of senior care needs, from basic assisted living to memory care.
In addition to the West Hartford property, Lloyd Jones has purchased senior living facilities in Texas, Nebraska, Florida and Georgia in the past three months. The company is looking into additional opportunities in the Northeast, Jasper said.
Jasper declined to reveal current occupancy figures out of concern that might reveal Lloyd Jones’ pricing strategy. Jasper did say the company is targeting a 10% increase from current levels.
Lloyd Jones Chairman and CEO Christopher Finlay visited the West Hartford property shortly after the purchase to meet with residents, Jasper said.
“This property is quite dear to him,” Jasper said. “He and his wife toured the facility and met residents.”
