Beavens say the move will be better for residents, employees and Henderson
The owners of the Homeplace of Henderson on Monday completed a multi-million-dollar acquisition of the two Henderson locations of Colonial Assisted Living, including the main buildings and nearby independent living apartments.
Jessica and Patrick Beaven, who run the Homeplace of Henderson, said they signed the paperwork on Monday.
Patrick Beaven said that the deal totaled in the “eight figures” but that the terms of the agreement forbade him to disclose the total amount for a year.
According to the deeds at the Henderson County Clerk’s office, all of the Colonial property on Adams Lane property—main building and the nearby apartments called Colonial Cottages—was sold for $6.93 million.
And the original, main building on Stadium Drive went for $1.2 million while the independent living apartments associated with the Stadium Drive location, called Colonial Court, were sold for $1.4 million.
Jessica Beaven said there are six investors who are helping Homeplace to finance the acquisition.
Eric Shappell, an attorney with King, Deep and Branaman who represented the Beavens, said the deal also includes other property within the facilities, such as beds, desk, computers and other equipment. He also couldn’t say the final price per the terms of the agreement.
Colonial also owns a location in Vincennes, Ind. That location is not part of the deal.
The former Colonial on Adams Lane will be called Homeplace of Henderson at Adams Lane, Patrick Beaven said. The 48,740-square-foot building has 51 apartments and sits on 32.38 acres, according to the Property Valuation Administration.
The main Colonial building on Stadium Drive, which will be called Colonial Assisted Living, contains 69 apartments. It is a 45,506-square-foot building that sits on 3.658 acres, according to the PVA.
Meanwhile, Colonial Court, next to the original building on Stadium Drive, has 22 apartments. And Colonial Cottages at the Adams Lane location has 16.
When all the units of the acquisition are added to the number of units at the Homeplace of Henderson facility on Green River Road—36 in assisted living and 26 in memory care—the number equals 220 possible residents, Patrick Beaven said.
With the sale behind them, the Beavens are setting a goal to fill the main facilities at each of the two former Colonial sites. Jessica Beaven said the current occupancy of those buildings is currently is 50%.
The Beavens say the addition to their business comes at a time when they’ve just got the hang of running the Green River Road location, which partially opened in fall 2021 and fully opened in April 2022.
It’s a tall order and one that left Patrick Beaven with “knots in my stomach” on Monday as he and his wife were signing the paperwork.
But both believe that they can help Henderson by taking this on.
“I feel excited about the future of senior care in Henderson,” Jessica Beaven said, adding the acquisition and subsequent work with the properties will bring more awareness for senior living options.
It will also “add more person-centered care that we like to do at Homeplace,” she said.
Patrick Beaven added that operating as a Homeplace facility will make a big difference in both employees’ and residents’ lives.
In addition to finalizing the deal on Monday, 80 former Colonial employees became Homeplace employees, participating in an onboarding to begin to learn the processes that Homeplace has in place. Jessica Beaven said they all let out a cheer when they learned about a bump in pay.
She said about 15 more employees will need to be hired.
Additionally, the locations will operate under different guidelines. The original Homeplace on Green River Road will operate under assisted living—basic health. And both the new locations will operate as assisted living—social.
Basically, that means that the Green River Road location can provide more services and physical assistance, such as having a registered nurse on staff, administering medication and transferring residents with a gate belt. That also means that the original Homeplace is a high-end facility that costs more.
Much of what Homeplace does at its Green River Road location will be implemented at the acquired properties, including technology and dietary supervision among other advances, Jessica Beaven.
“It’s going to be for the better,” she said.
A message was left for an attorney representing the former owners of the Colonial facilities but he didn’t immediately respond.
Jessica Beaven admits that taking on a new facility—after only just getting in the groove of running the original Homeplace—will be a lot of work, but said she’s “excited to do this for Henderson.”
“It’s going to be a good thing,” she said.
