FOR IMMEDIATE RELEASE
Westport, CT, July 10, 2007 — Westport Capital Partners LLC (Westport), a real estate investment firm specializing in the opportunistic real estate arena, together with Capital Health Group (CHG) and Kaplan Development Group (KDG), announced the acquisition of four assisted and independent living facilities known as the New England Healthcare Portfolio. Terms were not disclosed.
The facilities, comprised of 369 units, include The Inn at Forge Hill in Franklin, MA (104 units), The Inn at Robbins Brook in Acton, MA (90 units), The Inn at Fillmore Pond in Bennington, VT (75 units), and The Inn at Spruce Wood in Durham, NH (100 units). The unit mix distribution is 23 percent independent living units (85 units) and 77 percent assisted living and Alzheimer’s units (284 units).
An affiliate of KDG, Senior Management, L.L.C., will provide property management and development services to the venture.
The facilities were developed between 1999 and 2004, have been maintained in excellent condition and are well positioned in each of their respective markets. The new owners plan to upgrade the assets through capital improvements, new marketing initiatives and the introduction of innovative care and activities programs. In addition, the business plan calls for the development of 28 additional independent living units at Fillmore Pond to meet market demands. Early demand indications have been very encouraging, with many inquiries in the past few weeks. Construction is set to begin in the second half of 2007.
Each of the markets is forecasted to continue to experience strong growth in the target population age 75 and older and the population of people ages 55 to 64, the age class most likely to have a parent or other elderly relative considering moving into a senior care facility. The aging of the baby boom generation and longer life expectancies promise significant demand for senior housing.
Jordan Socaransky, principal at Westport, said, “Westport Capital Partners is actively pursuing healthcare related assets where we can create value through active management and asset repositioning in partnership with strong local operating partners. We believe the upgrades and added amenities will result in improved operating performance at each facility and will provide us with a strong platform for future acquisition opportunities in this sector.”
About Westport Capital Partners
Westport Capital Partners LLC provides domestic and international investment opportunities to institutional and private clients. Headquartered in Westport, CT, the firm also has offices in Los Angeles and Mumbai, India. Westport applies a fundamental, value-oriented approach to investing in real estate. While maintaining the flexibility to purchase real properties, mortgages, equity and debt in private or public markets, Westport seeks to capitalize on market inefficiencies and distressed opportunities to generate higher returns with less than commensurate risk.
About Capital Health Group
CHG was formed in 2006 to provide financing for senior housing and healthcare facilities.
About Kaplan Development Group
KDG currently manages facilities in five states providing both third party management services and construction supervision.
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