Superior Residence was formed in 1998 to develop and operate assisted living communities. Smith/Packett recognized that Super Residence's lead time and equity needs to design, develop and stabilize their first project were hampering the strategic growth goals of the company.
So, Smith/Packett identified acquisitions with regional concentration that allowed Superior Residence to create cash flow while their development prototype was being created. The first opportunity was a three facility, 242 bed campus in Roanoke, Virginia (currently in Smith/Packett’s portfolio). Superior stabilized the facilities within 12 months, exercised their options, and subsequently sold the portfolio in 2007.
Starting in 2000, Smith/Packett acquired and leased Superior Residence’s four assisted living communities which totaled 200 beds in central Florida concentrated around their development projects.
The two facilities in Lady Lake have been optioned and subsequently sold. Superior Residences has optioned and retains ownership in the Ocala and Brandon facilities.
;)
;)
;)