The transaction follows Access Industries’ purchase of 10 senior living communities from JEA and its affiliates in March 2019 in Washington, Oregon, Texas, Tennessee and Indiana.
“Access Industries has always delivered value to the communities we serve, and this partnership will position us to better meet the needs of this growing and important demographic,” said Jonah Sonnenborn, managing director and head of real estate at Access Industries. “As retirees live longer, we will do all that we can to ensure that they enjoy a secure, comfortable and productive lifestyle.”
“The partnership with JEA furthers our desire to invest in crucial needs-based real estate with a best-in-class national operator. We look forward to continuing to grow with JEA as it provides a superior product and service to its residents,” Sonnenborn said.
JEA’s leadership team, led by CEO Cody Erwin, will remain in place. JEA Senior Living, based in Washington state, has managed, developed and owned communities for more than 30 years throughout the United States.
“JEA has always strived to set the standard for quality memory care, and this partnership with Access Industries will equip us to better care for our current residents while laying the groundwork for expansion,” Erwin said. “Demand for our communities will rise in the coming years, and Access is well positioned to help us reach potential new residents while maintaining the high standards we have set for ourselves.”
The priority for both is creating sustainable infrastructure that improves quality of life for its residents.
About Access Industries
Access Industries is a privately held industrial group with long-term holdings worldwide. Our industrial focus spans four sectors:
- Natural resources and chemicals
- Media and telecommunications
- Real estate
- Venture capital/technology
Founded in 1986 by Len Blavatnik, a global entrepreneur and philanthropist, Access is an international industrial concern with strategic investments in the United States, Europe, and South America. Our headquarters are in New York.
About JEA Senior Living
JEA is family of companies that focuses on the development and management of senior living communities, concentrating on memory care facilities. The company and its founders date back to the early 1970s and have overseen the development and operation of independent living communities, assisted living communities, skilled nursing facilities and Alzheimer’s special care centers. JEA’s current portfolio includes more than 50 communities with several more in various stages of construction or development. The team includes experts in development, finance, and construction, marketing and comprehensive management.
Chief strategy officer
JEA Senior Living