KENTWOOD –– Pathway Management LLC, a Chicago-based senior housing real estate firm that does business as Pathway to Living, has acquired a Kentwood senior living and memory care facility.
The company said it purchased Elmcroft Senior Living near the intersection of 44th Street and Breton Avenue SE last week and rebanded the property as Azpira Place, according to a statement.
The new owners plan to initiate a capital improvement program at the roughly 54,000-square-foot facility that, upon completion, will include 81 apartments, 69 of which will offer assisted living while 12 units will be focused on memory care.
This acquisition marks Pathways to Living’s first venture into Michigan. The company owns or manages 29 senior living facilities.
Terms of the transaction were not disclosed.
“We’re excited to expand our growing portfolio of senior living communities into Michigan,” Jerome Finis, CEO of Pathway to Living, said in a statement. “This acquisition gives us an immediate presence in an underserved market and aligns with our strategy of investing in well-located properties where there’s room to add high-quality amenities.”