Fleming Farms is slated to open in 2020 in Huntsville, the latest project from Dominion Partners. (
Dominion Partners isn’t done, even after the announced sale of its Somerby Senior Living Portfolio last week.
Terms of the deal, which involved eight facilities, including ones in Birmingham, Mobile and Auburn, were not disclosed. But Orlando’s Bridge Seniors Housing Fund Manager LLC, an affiliate of Salt Lake City-based Bridge Investment Group, acquired the facilities, the name. The company also gets first right of offer on any new developments Dominion has.
And there will be more, Dominion Principal and CEO Al Worthington said.
“We’re not going anywhere,” Worthington said. “Dominion Partners wants to continue to be a quality developer. We have to be more selective as we go forward. We have a very good model. We have a very good brand. We should be able to strategically develop on a reasonable basis.”
Dominion, which began after splitting from Daniel Corp. in 2006, has grown from 125 employees over 13 years to more than 1,400 associates operating 14 communities in six states. It grew using private equity and built the company to not only acquire and develop real estate for senior housing, but to operate the communities through the Somerby name.
A little more than a year ago, Worthington said, it became clear that some of Dominion’s investment partners in the Somerby communities were ready to sell. So Dominion began planning around this by leasing up three remaining properties and selling investors on the idea of offering the entire Somerby portfolio.
“We saw it more as a recapitalization,” he said. “We wanted to keep everyone employed and keep the operating company together. In the end, it created much more value than we thought there might be."
Enter Bridge Seniors Housing Fund Manager, which was anxious to acquire a slate of communities in the Southeast. Bridge Seniors is among the largest owners of senior housing units in the United States, with 90 communities as of the end of last year.
“We had a buyer who had raised a lot of capital, was very aggressive and wanted this portfolio,” he said. “It fits their model.”
But Dominion has more plans. Worthington said work is still on track at Fleming Farms, the company’s senior housing community in Huntsville. Currently under construction along Whitesboro Road, the project should be finished by 2020.
The company is also planning another community in Bradenton, Fla. on the Manatee River, as well as a mixed-use non-senior living apartment project in the same city. The senior living project, which would be all assisted living and enhanced care, would be on the river.
“It’s a really cool site with some beautiful views,” he said.