Spring Arbor facility in KDH changes hands

By on June 21, 2022

Spring Arbor Assisted Living and Memory Care facility in Kill Devil Hills.

The Spring Arbor Assisted Living and Memory Care facility in Kill Devil Hills was recently sold to Foundry Commercial by HHHunt Spring Arbor Senior Living as part of a bigger package. According to Dare County real estate records from June 1-10, the local property was sold for $5.04 million dollars.

Lauren Leetun, director of public relations for the Orlando-based Foundry Commercial, confirmed the sale, adding that “we feel confident in our ability to position the Spring Arbor communities to operate successfully in their respective markets. A major part of the conversation leading to this acquisition was our desire and capability to improve the assets, so of course, part of the purchase price includes dollars toward a significant capital investment into some of the properties.”

Here are additional details on the transaction from a press release from Foundry Commercial.

Foundry Commercial, a full-service real estate services and investment firm, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities throughout the mid-Atlantic. As part of the transaction, Foundry Commercial purchased the current operator, who will continue managing the properties post-closing.

The transaction nearly doubles Foundry’s portfolio of seniors housing properties throughout the country. “When evaluating potential investment opportunities, it’s important we find organizations with a similar culture fit, as relationships and building something different are what drives us,” said Paul Ellis, CEO of Foundry Commercial. “It was clear from the start that the Spring Arbor Senior Living team shares our passion for treating others the way we want to be treated, and takes great pride in what they do, providing exemplary care to the residents in each of the Spring Arbor communities.”

With locations throughout Maryland, North Carolina, and Virginia, Spring Arbor Senior Living is known as a premier operator of assisted living and memory care communities, employing more than 1,500 caring professionals. The portfolio contains 1,424 units with capacity for over 1,800 residents. The Spring Arbor platform – led by current President Greg Fox – will continue operations under the Spring Arbor Senior Living brand.

“It is no secret that the past few years have been challenging, to say the least, within our industry,” stated Fox, a nearly 30-year veteran in the industry, who has been with the organization for over 8 years. “It’s an amazing feeling to know that our platform is becoming a part of a company that cares so deeply for people – whether that be team members, residents, or family members – and we’re all very excited about what the future holds for Spring Arbor.”

With the addition of Spring Arbor’s communities, Foundry’s senior living reach now encompasses more than 50 assets throughout the United States. Foundry’s healthcare platform offers a combination of in-depth sector knowledge, long-standing relationships with premier owners of seniors housing real estate, as well as a 400+ employee organization providing services to some of the most well-known names in real estate.

Transaction financing was arranged by Capital Funding. Foundry Commercial Senior Vice President Trey Riddle represented the buyer in the transaction.

Efforts to reach a spokesperson from HHHunt were not immediately successful.

 

 

 




Comments

  • R. Bo

    Cool! A “real estate…and investment” company is now responsible for the care of our most vulnerable neighbors and family members. I’m sure their “desire and capability to improve” their “assets” means an “investment” in more and better care for the patients. (sadly, NOT!) Can’t wait to see the beautiful new building they sell to another real estate co. in a few years. Once again, the beautiful, wonderful Outer Banks and the people who live here are pawns in a money scheme. So proud to be a small part of one of the 50+ “assets” of this corporation.

    Tuesday, Jun 21 @ 8:36 pm
  • Travis

    It’s funny, I went looking for information about “Foundry Commercial” after reading this article. I couldn’t find anything outside of trade magazine blurbs that were clearly gleaned from company information pages or company press releases. Self-congratulatory platitudes don’t really mean much. There doesn’t seem to be any (easy to find) independent analysis of their business. Are they responsible? Are they civic minded? Do they have any kind of track record with running retirement facilities? Who knows?

    Guess we’re about to find out.

    Wednesday, Jun 22 @ 1:10 pm
  • surf123

    Expect service quality and customer satisfaction to drop. When an investment company owns something they are only concerned with ROI. The patients always lose as do the staff. These are incredibly tough businesses to operate in terms of revenue versus quality of care.

    Wednesday, Jun 22 @ 3:47 pm
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