Senior Housing: National Church Residences acquires senior housing community in Xenia
by Carrie Ghose for Business First
National Church Residences has bought a retirement community in the western Ohio city of Xenia for $5.1 million from a religious organization.
The 48-acre Legacy Village includes 36 homes for independent seniors and a 34-unit assisted living center, which includes a 14-room expansion for those with memory loss that opened in January 2010.
Upper Arlington-based National Church Residences said it would expand the independent housing. Legacy Village is part of the 253-acre campus of Legacy Ministries International, which houses about 10 other ministry actions including Christian schools. President Lincoln commissioned the campus in 1869 as a home for the orphans of Civil War veterans, and Legacy acquired it in 1999, adding the senior living component to the organization’s schools.
Consolidated financial statements on the organization are not publicly available. The most recent available federal tax forms by nonprofit groups show that in the year ended June, 30, 2009, the independent housing unit lost $178,000 on $249,000 in revenue and the assisted living facility had $80,000 in income on $1 million in revenue. The combined facilities had positive income in the year ended June 30, 2010, but exact figures weren’t available, said Richard Anglin, co-president of the parent group.
National Church Residences said it has budgeted a $100,000 surplus on $2.3 million in revenue from the village in the first year.
The nation’s largest nonprofit developer of affordable housing for seniors, National Church Residences operates more than 320 retirement communities with services ranging from independent apartments to nursing homes.
In December it took ownership of First Community Village, also in Upper Arlington, as part of a bankruptcy reorganization that included financing to resume building 32 ranch-style houses for seniors to complete the community’s expansion.