Viva Senior Living Buys 8 Former Commonwealth Communities From Invesque

Viva Senior Living has acquired eight communities formerly managed by Commonwealth Senior Living in a “significant step” for the company’s growth plans, COO Chris Metternich told Senior Housing News.

The newly acquired communities are located in Maryland, Tennessee and Virginia; and were previously owned by health care real estate company Invesque (TSX: IVQ.U and IVQ), which recently agreed to sell its interest in Commonwealth Senior Living and more than two-dozen communities operated by the company. Invesque first acquired the senior living operator in 2019 for $340.4 million.

The first seven communities as part of the deal were sold for $65.4 million total, which equated to $184,000 per apartment. Viva is also still finalizing the acquisition details of the eighth community, which is now under management by the company following the acquisition.

All communities in the transaction are now under Viva’s control, and Metternich said the move expands the Norwood, New Jersey-based company’s footprint and brand recognition in multiple states.

“It aligns with Viva’s strategic growth plans to increase presence in key regions in the East, Southeast and Midwest markets while strengthening what we believe positions us as a growing provider in the senior living industry,” Metternich said.

Viva Senior Living manages over 30 communities throughout the East and Southeast U.S. offering independent living, assisted living and memory care services. 

Following the acquisition, Viva will bring its operational practices to the newly added buildings, he added. The new communities under the Viva banner also will implement new services and the company’s aging-in-place care model.

“Staff and resident communications will be a priority to ensure a seamless experience during the ownership change,” Metternich said.

Viva communities operate with autonomy with executive directors acting as a “community CEO,” helping to drive operating performance and meeting high resident care standards, Metternich added.

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