LANCASTER, Pa. – Titan SenQuest Senior Living, the senior housing division of Los Angeles-based Titan Real Estate Investment Group, Inc. (Titan), has purchased Evergreen Estates, a 96-unit independent living and personal care senior housing community.
The opportunity to acquire this Class A property arose when the local family owners, who had built and operated the facility since 2001, sold Titan based on the company’s management platform.
Built in 2001 with additional wings built in 2003 and 2008, Evergreen’s one-story brick building sits on 5.6 acres with multiple courtyards, gardens, gazebos and a koi pond. Indoors, it offers a central dining room, a private dining room, a community room, activity room, a computer room, a library, a chapel and meditation room and a doctors’ exam room, Attentive services include three freshly prepared meals each day, housekeeping, 24-hour assistance and supervised care.
“Similar family-owned communities in local markets have suffered from a lack of professional management,” says Doug Allen, Titan SenQuest president. “With Titan Senquest’s hands-on experience in complex senior housing operations, sales and marketing, we take pride in our track record of improving the lifestyle of seniors who choose to live in our communities.”
Based on this increasing demand, senior housing is less dependent on economic cycles than other CRE sectors— its rent growth remained positive throughout the entire 2008 recession cycle.
“Senior housing private investment returns have outperformed other CRE property investments during the past one-, five- and eight-year time horizons, and provide durable, growing cash flows with capital appreciation,” says Kevin Kaseff, Titan chairman. “Large REITS are aggressively buying high-quality, high-performing senior housing assets whose operations have been improved and stabilized.”