Lifespace acquires Downers Grove center
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DES MOINES, Iowa — Lifespace Communities, a Des Moines-based not-for-profit senior living provider, Thursday announced the acquisition of Fairview Village, a continuing care retirement community in Downers Grove. The senior living community will become part of a system that includes 11 other Lifespace communities in seven states.
Upon completion of the transaction on Aug. 1, a new name will be unveiled for the community. Financial terms were not disclosed.
“Following a detailed analysis, we determined that it just made sense within our strategic long-range plans of slow and steady growth to purchase Fairview Village,” said Scott Harrison, Lifespace president & CEO. “Fairview Village has a similar mission and commitment to the continuing care lifestyle, so this is a good fit for our organization.”
As new owners, Lifespace intends to do several upgrades to the mechanical and electrical systems in the Health Center, and to completely renovate the building.
Harrison and others from the Lifespace have met with residents and employees for an introduction to their organization and to ensure a smooth transition regarding ownership and operations.
“We intend to honor existing resident contracts, and any refund obligations will be paid according to those existing contracts,” added Harrison. “Staff will transfer employment to Lifespace Communities, including our wage and benefits program.”
Lifespace Communities also owns and operates another Chicagoland senior living community, Beacon Hill, in Lombard, which is about seven miles north of Fairview Village. Having two communities in such proximity will allow for a unique synergy between the two in terms of operations. “With Fairview Village and Beacon Hill so close together, we’ve appointed Blaire Goldstein as senior executive director for both communities,” noted Harrison.
