JACKSON, Miss. — Operator Blake Management Group (BMG) and developer LifeCare Properties LLC have announced a joint venture that will expand the resort-style Blake senior living communities nationwide.
Based in Jackson, Blake Management Group is an independently owned senior living operator with 17 communities in Mississippi, Virginia, Florida, Louisiana, Tennessee, South Carolina and Alabama. The company largely focuses on assisted living and memory care, but does have 300 independent living units in its portfolio.
LifeCare Properties, an upscale senior housing developer, is a wholly owned affiliate of Biloxi -based commercial real estate company COMVEST Properties LLC. Under the joint venture, LifeCare Properties will develop the new Blake communities and BMG will operate them.
"Over the years, we have considered dozens of potential joint ventures to grow our brand, and we feel like we’ve found the perfect partnership in LifeCare Properties,” says Jeremy Cole, CEO of Blake. “I have a great amount of respect for how LifeCare Properties performs the development process and we feel our companies have tremendous synergies in culture, diligence and high expectations."
LifeCare Properties and BMG plan to open 10 more Blake-branded properties in select East Coast, Midwest and Southwest markets over the next five years. Development of new properties is expected to begin later this year, with more starting in 2019.