We’ve confirmed that both local Merrill Gardens (WSB sponsor) senior-living communities – West Seattle and Admiral Heights – are among the 38 MG locations that are being taken over by Emeritus Senior Living. Here’s their announcement:
Seattle-based Emeritus Senior Living is assuming operations of 38 senior living communities from Merrill Gardens, also headquartered in Seattle. These communities are located in eight states across the country, with the majority operating in California (16) and Washington (14). The transaction will add over 4,400 apartments to the Emeritus portfolio. Emeritus intends to retain Merrill Gardens’ community employees in the transaction, which is anticipated to close in the next few months.
The move will build Emeritus’ continuum of care; for Merrill Gardens, it provides greater nimbleness of operations for future innovation and development.
Emeritus is the nation’s largest assisted living and memory care provider, with a workforce of more than 30,000 and the ability to serve nearly 50,000 residents in 45 states. Completion of the Merrill Gardens transaction will increase the number of senior living communities Emeritus operates nationally to more than 500.
Merrill Gardens will then have 26 operating and development communities in six states in their portfolio. The company plans to continue to develop four to five communities per year in select markets. Final closing of this transaction is subject to customary closing conditions for acquisitions of this nature, including regulatory approvals.
A Merrill Gardens spokesperson tells us the transaction is expected to close in 60 days. The names at all 38 communities will eventually change, we’re told by both companies, to reflect the Emeritus branding.