Lloyd Jones Partners with ST Real Estate Holding Inc. To Acquire Trinity Courtyard in Fort Worth, Texas

MIAMI – Lloyd Jones, a real estate investment firm headquartered in Miami, Florida, announced today the acquisition of Trinity Courtyard, a 138-unit, active adult community in Fort Worth, Texas.

Lloyd Jones partnered with ST Real Estate Holding Inc. (STRE), under the direction of Vice Chairman Patrick Lardi, to close the transaction. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA Fort Worth.

Trinity Courtyard is located just minutes away from downtown Fort Worth – the second fastest- growing large city in the United States – and gives residents direct access to a diverse array of entertainment, retail outlets, and outdoor recreation activities. Stretching over six acres of land, the community features nine-foot ceilings in one- to two-bedroom apartments with some offering an attached garage space. Lloyd Jones plans to enhance the property through refreshing all exterior paint, refining landscaping, modernizing clubhouse interiors, and upgrading technology packages throughout.

“We are excited to create a new option for active adults in the Fort Worth area. AVIVA Fort Worth will offer a fulfilling 55+ lifestyle and high-end amenities – at rental rates appropriate for the middle-income population,” said Tod Petty, Vice Chairman of Lloyd Jones Senior Living. “This is a magnificent property which we will upgrade by adding the latest technology packages for the benefit of our residents.”

The Lloyd Jones team continues to aggressively pursue senior housing acquisitions throughout the United States, primarily in the South and Midwest, as this marks the fifth investment transaction for the firm this year.

About Lloyd Jones LLC

Lloyd Jones LLC is a real estate investment firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm specializes in multifamily and senior housing investment, development, and management. Investment partners include private and institutional investors and family offices around the world.

To learn more about Lloyd Jones, visit www.ljasl.wpengine.com.

About ST Real Estate Holding Inc. (STRE)

ST Real Estate Holding Inc. is a real estate investment firm launched in the 1960’s by pioneer Dr. Tito Tettamanti, STRE Honorary Chairman. Starting with a focus on Switzerland and Canada, STRE has expanded its investments in the United States, Hong Kong, China, and Australia, building a historical portfolio of more than 1.5 billion USD. In the last decade Att.y Massimo Pedrazzini and Mr. Patrick Lardi have generated the residential U.S. and commercial Australian portfolio now valued at more than 720 million USD. With an experienced team and support from the Fidinam Group, STRE is able to generate long-term returns and promptly respond to changing market conditions. STRE is the real estate investment division of ST Group Holding.

Learn more at: https://stre.biz/

MIAMI – Lloyd Jones, a real estate investment firm headquartered in Miami, Florida, announced today the acquisition of Hamilton Heights, a 113-unit, senior living community in West Hartford, Connecticut. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA West Hartford.

Hamilton Heights marks Lloyd Jones’ fourth senior housing acquisition this year. In February, the firm added two Class-A communities to its senior-living portfolio and a third in April: AVIVA Woodlands in Lincoln, Nebraska; AVIVA River Bend in Rochester, Minnesota; and AVIVA Maybelle Carter in Nashville, Tennessee.

Formerly known as Mount St. Joseph Academy, a Roman Catholic boarding school for girls, the property was adapted to an independent living, assisted living, and memory care community in 1997. The original academy was built in 1905 by well-known Hartford architect, John J. Dwyer, and is currently on the National Register of Historic Places. The property features a Georgian revival facade with four and five stories that stretches over ten acres in the heart of West Hartford. With an extensive capital renovation strategy, the community will undergo updates that include refreshing the surrounding landscape, restyling furnishes throughout the communal areas, and implementing a new technology package to bring the property up to Aviva brand standards.

Chris Finlay, chairman/CEO of Lloyd Jones, says “As a developer of many historic properties throughout my career, I can truly say this is a gem. And we intend to polish it up even more for the benefit and enjoyment of our residents.”

In addition to the forthcoming enhancements, residents of AVIVA West Hartford can enjoy amenities that include a fully-stocked library, outdoor patio and walking trails, pub, movie theater, spacious chapel and worship space, and a full service salon and spa.

About Lloyd Jones LLC:

Lloyd Jones LLC is a real estate investment firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm specializes in multifamily and senior housing investment, development, and management. It has recently added a hotel acquisition division. Investment partners include private and institutional investors and family offices around the world.

To learn more about Lloyd Jones, visit lloydjonesllc.com.

MIAMI – Lloyd Jones, a real estate investment firm headquartered in Miami, Florida, announced today the acquisition of Hamilton Heights, a 113-unit, senior living community in West Hartford, Connecticut. The property will operate under Lloyd Jones’ proprietary Aviva brand as AVIVA West Hartford.

Hamilton Heights marks Lloyd Jones’ fourth senior housing acquisition this year. In February, the firm added two Class-A communities to its senior-living portfolio and a third in April: AVIVA Woodlands in Lincoln, Nebraska; AVIVA River Bend in Rochester, Minnesota; and AVIVA Maybelle Carter in Nashville, Tennessee.

Formerly known as Mount St. Joseph Academy, a Roman Catholic boarding school for girls, the property was adapted to an independent living, assisted living, and memory care community in 1997. The original academy was built in 1905 by well-known Hartford architect, John J. Dwyer, and is currently on the National Register of Historic Places. The property features a Georgian revival facade with four and five stories that stretches over ten acres in the heart of West Hartford. With an extensive capital renovation strategy, the community will undergo updates that include refreshing the surrounding landscape, restyling furnishes throughout the communal areas, and implementing a new technology package to bring the property up to Aviva brand standards.

Chris Finlay, chairman/CEO of Lloyd Jones, says “As a developer of many historic properties throughout my career, I can truly say this is a gem. And we intend to polish it up even more for the benefit and enjoyment of our residents.”

In addition to the forthcoming enhancements, residents of AVIVA West Hartford can enjoy amenities that include a fully-stocked library, outdoor patio and walking trails, pub, movie theater, spacious chapel and worship space, and a full service salon and spa.

About Lloyd Jones LLC:

Lloyd Jones LLC is a real estate investment firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm specializes in multifamily and senior housing investment, development, and management. It has recently added a hotel acquisition division. Investment partners include private and institutional investors and family offices around the world.

To learn more about Lloyd Jones, visit lloydjonesllc.com.

by Chris Finlay, Chairman and CEO, Lloyd Jones LLC and Lloyd Jones Senior Living

The hotel industry, which was already somewhat overbuilt, has been one of the hardest hit by the COVID-19 pandemic. Even with phased reopening, occupancies and revenues are still at unprecedented lows.
The financial distress may be too great for hotels to overcome, and hotel owners are reviewing their portfolios to determine which hotels will require too much capital to carry them through the duration of the downturn. The potential wave of distressed hotels coming to market presents opportunities for conversion of select hotel properties into senior housing.

At Lloyd Jones, we believe that the acquisition of distressed hotels in the limited-service and full-service asset class hold the best opportunities for conversion into 55+ and independent living senior housing.

A limited-service hotel, which often includes amenities such as a pool and fitness center but lacks a full restaurant, is ideal for conversion to a 55+ age-restricted multifamily community. Full-service hotels, which often have those amenities plus a lounge, meeting space, and sit-down restaurant along with a commercial kitchen, are best suited for conversion into amenity-rich, independent-living communities.
We believe there is an opportunity to acquire distressed hotels at very attractive prices and repurpose them into senior housing. For investors in the senior housing sector, there are myriad benefits to adaptive reuse of hotels compared to building from the ground up.

Economies of cost

Rising land costs and scarcity of available land make it more difficult to find an ideally located site. With adaptive reuse, you have more flexibility to put the right community in the right place. In our experience, even with the cost to renovate the hotels, adaptive reuse is still less than 80 percent of the cost to build from the ground up.

Speed to market

To build a 55+ or independent-living community from the ground up can take approximately 18 months. Not to mention, with new construction comes higher risk, due to the longer permitting, approval, and building process. Lloyd Jones’ team of experienced senior living professionals plans to turn around adaptive reuse hotels for conversion within about nine months.

Competitive advantage

Because the cost to develop and repurpose an existing property is far less than constructing a new asset, rents can remain much more competitive. The traditional newly constructed senior-living community commands very high rents. In most cases, target demographics are limited to the top five percent of households in terms of income that live within a five-mile radius of the community. Hotel conversions become a more affordable option that broadens the demographic to, say, the top 25 percent of households.

From our perspective, adaptive reuse enables us to deliver a great quality environment for 55+ and independent living communities at a much better rent to the consumer, while also offering tremendous appeal to the investor: lower risk, lower cost, excellent return at a very competitive price. Overall, we believe the return will be as good or better than brand-new construction.

For more insights and the investment outlook on adaptive reuse in senior housing, contact Chris Finlay, Chairman and CEO, Lloyd Jones LLC and Lloyd Jones Senior Living.