MCLEAN, Va., June 27, 2022 (Newswire.com) – Inspirit Senior Living (“Inspirit”) and Venue Capital (“Vencap”) co-sponsored a joint venture to acquire a portfolio of two properties located in the Knoxville, Tennessee MSA. Formerly operated by a national operator, these new Inspirit Senior Living communities are now individually recognized as Rain Forest Landings in Knoxville, TN, and Emory Ridge in Powell, TN.
Rain Forest Landings is an assisted living and memory care community on just under 10 acres in West Knoxville. Residents enjoy beautifully furnished common areas, including a grand dining room, numerous amenity spaces, walking paths, and more. Residents have multiple living options available with various suite types ranging from 285 to 725 square feet.
Emory Ridge is a freestanding memory care property on almost three acres in the heart of the Powell, Tennessee community. The 40-unit community offers residents around-the-clock nursing care, safe and secure courtyards, activity rooms, community patios, and large common areas.
Inspirit and Vencap plan to immediately begin renovations that will be highly customized to reflect each community’s distinctive characteristics. The renovations will transform the properties into welcoming and restorative environments for residents and visitors, with comfortable furnishings paired with artwork reflecting and celebrating everything Knoxville offers.
Like other Inspirit communities, properties offer assisted living and Inspirit’s Sage Program, specifically designed for the memory impaired. The Sage Program’s mission is to honor its residents — creating meaningful interactions in safe hands while working within its residents’ memories and abilities.
Dave McHarg, Chief Executive Officer of Inspirit, said, “We are excited about the opportunity to expand our Tennessee footprint with these fantastic communities. Rain Forest Landings and Emory Ridge are now part of the growing Inspirit family of properties. We are honored to work with the dedicated and highly skilled local teams to deliver superior experiences for our residents.”
Michael Goldberg, Chief Executive Officer of Vencap, added, “We’re thrilled to add these high-quality properties to our growing Tennessee portfolio and to continue expanding our partnership with a top regional operator in Inspirit Senior Living.”
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ABOUT INSPIRIT SENIOR LIVING
Inspirit Senior Living is an owner/operator of senior living communities in the Mid-Atlantic, Midwestern, and Southern regions of the United States. Founded in 2015 by some of the senior-care industry’s most respected leaders, Inspirit aims to identify under-performing struggling communities and acquire, modernize, and professionalize them, taking advantage of the network’s economies of scale while preserving each property’s home-like atmosphere and the individual attention to each resident that defines a successful senior living experience. Inspirit is committed to being a force for good in every community where it operates, creating good jobs, contributing to the local economy, and above all, providing senior care that respects the dignity and gifts of every resident. For more information, visit inspiritseniorliving.com.
ABOUT VENUE CAPITAL LLC
Venue Capital LLC is a New York City-based investment and asset management firm dedicated to the seniors housing sector. Vencap partners with premier regional operators to provide exceptional resident experiences while enhancing investors’ value. Vencap targets well-located properties that can be improved through superior operations, strategic capital improvements, and steadfast asset management oversight. The combined components of real estate, hospitality, needs-driven service, and demographic tailwinds make senior housing a unique asset class that offers the opportunity for both growth potential and consistent performance. Vencap currently owns 15 senior living communities in the Southern and Midwestern regions of the United States. For more information, visit venuecapital.com.
David McHarg, CEO
Source: Inspirit Senior Living