By Chuck Sudo | Senior Housing News | October 2, 2018
Blake Management Group (BMG) is setting its sights beyond the Southeast.
The Mississippi-based firm on Tuesday announced a joint venture with LifeCare Properties, paving the way to build up to 10 Blake-branded resort-style, senior living communities nationwide over the next five years. Already, BMG has plans to open 20 new properties by 2023, through projects with other partners.
BMG currently operates 17 communities across Tennessee, South Carolinas, Virginia, Florida, Mississippi, Louisiana and Alabama, in independent living, assisted living and memory care.
Biloxi, Mississippi-based LifeCare Properties Managing Partner Brooks Holstein, a veteran retail real estate developer, was looking to transition to health care and senior living and approached BMG 18 months ago about a partnership, BMG CEO Jeremy Cole told Senior Housing News. The two companies spent eight months reviewing each others’ cultures and fits, and looked at ways to grow the Blake brand nationally.
BMG, through the Blake brand, offers seniors assisted living, memory care and senior living in a hospitality-focused setting, a priority on customizing the resident experience to each tenant’s needs, dining programs with rotating menus with locally sourced ingredients, activities and social opportunities, and professional therapists and senior-specific equipment.
“This joint venture is an opportunity to build Blake communities with Blake design and branding, and go into parts of the country that we’re not in right now,” Cole said.
The JV is casting a wide net. Target markets include Texas, Missouri, Oklahoma, Arizona, Utah, northern Virginia, Maryland and Pennsylvania.
“All of these markets are underserved, with aging demographics, that are as good or better than the markets we’re in today,” Cole said.
LifeCare is BMG’s third JV partner. BMG has existing relationships with Jackson, Mississippi-based Cardinal Ventures and Quality Senior Living, out of Pensacola, Florida. The firm’s pipeline with those partners is expected to deliver 20 new Blake residences over the next five years, in addition to the new JV with LifeCare, Cole said.
The joint venture agreement was finalized last month. Development of new properties is expected to begin before the end of the year, and continue into 2019.