Bridge & Cerulean Partners Announce JV Investment in Senior Housing
March 17, 2015
San Francisco, CA— March 9, 2015—Bridge Partners (“Bridge”) and Cerulean Partners (“Cerulean”) today announced the acquisition of Country Manor Memory Care, a 36 bed free standing memory care community in Davenport, Iowa. The joint venture partnership between Bridge and Cerulean is the first targeted investment for the combined entities in the high growth senior living sector.
Country Manor Memory Care, initially developed by Agemark Corporation under the “Country House” brand, is the only free standing, dedicated memory care community in the Quad Cities. The property, built in 1998, will retain the Country Manor name and will provide full service memory care to residents suffering from dementia, Alzheimer’s disease, and other forms of memory impairment. The partnership will invest in immediate capital improvements, increase occupancy, and stabilize the operations over a three-year period.
Bridge and Cerulean have partnered with Minneapolis based Grace Management, Inc., a nationally recognized leader in the delivery of memory care management services. “We are thrilled to enter this space with the experience and passion of both Grace and Cerulean, and we are committed to providing the highest quality of life possible to all of our residents,” said Julie Gutzwiller of Bridge Partners.
Country Manor, acquired for an undisclosed sum in an all cash transaction had suffered through foreclosure and other challenges over the past several years.
About Bridge Partners
Founded in 1990, Bridge Partners specializes in the acquisition, renovation, and management of multifamily and hospitality properties nationwide. In its history, Bridge Partners has completed over 200 transactions across 21 states and 50 domestic markets. Its existing portfolio 36 properties throughout 14 states containing more than 5,000 units. Bridge Partners is actively seeking additional investments in multifamily, hospitality, and senior housing.
About Cerulean Partners
Cerulean Partners, a Chicago-based senior living investment and management firm, is an industry leader in the acquisition, re-development, and stabilization of underperforming independent, assisted living, and memory care communities across the country.