The owner of Dallas luxury retirement home Edgemere, which filed for bankruptcy in April, has acquired three additional Texas senior living properties.
The Stayton at Museum Way was acquired by Lifespace Communities in 2019 shortly before it filed for bankruptcy. On Wednesday, Lifespace announced it had acquired three additional Texas retirement communities.Lifespace Communities, the company that owns Dallas’ Edgemere luxury retirement community, has acquired three more senior living centers in Texas with the help of a private equity investment group.
The campuses will be added to Lifespace’s current portfolio of 14 communities, which includes Edgemere. The Dallas facility is being restructuredMeadow Lake has 205 residences on a 92-acre community; Wesley Court has 182 residences on 40 acres; and The Craig has 302 residences on 40 acres. about the security of hefty entrance fees paid by their elderly relatives to enter the continuing care community. Edgemere said a drop in occupancy due to competition and the COVID-19 pandemic made it impossible for it to continue to meet its financial obligations.
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