US: Miami-based investor and developer Lloyd Jones LLC is selling most of its multifamily portfolio and reinvesting the proceeds in senior living communities.
The company plans to dispose of around 80 per cent of its multifamily holdings and significantly expand its senior living portfolio.
Lloyd Jones Senior Living vice chairman Tod Petty said: “It’s a great time to sell those. We’re going to deploy all the dollars back into the senior space.”
The company currently has around 40 assets under management, with a portfolio valued at around $1 billion.
It is aiming to acquire 2,000 senior living units this year, and has closed on three acquisitions so far. Currently, Lloyd Jones has 12 senior living projects open or in pre-opening stages, and six more acquisitions in the pipeline.
The company has two senior living brands – mid-market Sage Hill and upscale Aviva.
It is also building a hotel division, with plans to grow the portfolio and manage those assets in-house. Some of these could also be converted to senior living: “The windfall to that is that we get to see these distressed hospitality assets. Our development team is looking and underwriting now acquisitions to repurpose for senior housing,” said Petty.
