Eden Heights, a local assisted living firm with facilities in Eden, West Seneca and Olean, is selling its properties to a New York City-based senior living operator for $31.3 million.
In a $5.7 million deal on Monday, Premier Senior Living took over management of Eden Heights of Eden, a 120-bed assisted-living community at 4071 Hardt Road in Eden. Acquisition of the other Eden Heights sites in West Seneca and Olean, totaling an additional $25.6 million, are slated for mid-March and late May, respectively.
Premier co-founder Robert Borsody said the Eden Heights properties presented his company with the opportunity to operate a "first-rate" group of senior care facilities.
"The quality of the care and the facilities were attractions for us. We will not be making staff changes. Residents will see the same excellent, consistent level of services," Borsody said.
Borsody and his business partner, Wayne Kaplan, have deep backgrounds in the assisted care industry. Borsody, a veteran health care attorney, serves on the New York State Council on Heath Care Financing and was a member of the state's Health Coordinating Council.
Kaplan has over 25 years experience in senior housing, serving as an executive of Kapson Senior Quarters Corp., an assisted living and seniors' housing provider, which went from being a small privately held business to a public company subsequently bought out by an investment bank.
Premier is a newly-formed senior housing venture with operations in New York City and Oneonta. In addition to the trio of Eden Heights sites, Premier is also negotiating to take over six assisted living centers in Florida.
Eden Heights of Eden was founded and owned by Anthony and Patricia Brunsing of Lakeview. The couple opened the Eden facility in 1985 in a building at formerly housed East Eden Elementary School.
The Brunsings built another facility at 161 South 25th St. in Olean in 1988, and another at 3030 Clinton St. in West Seneca in 1996. The Eden and West Seneca sites are both assisted living centers, while the Olean site offers dementia and Alzheimer's care, along with assisted residency.
While Premier will be the hands-on operator of the Eden Heights properties, the physical facilities will be owned by an investment consortium. Patrick Nelson, chairman of Nelson Brothers Professional Real Estate, of Aliso Viejo, Calif., put together the 12-investor group that bought the Eden site.