Real Estate

Residential developer merges with Arizona firm

September 17, 2014
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Residential developer merges with Arizona firm
Generations at Agritopia in Gilbert, Ariz. offers senior residents independent living, assisted living and memory care in a “home-like environment.” Photo via fb.com

A developer of luxury residential communities has joined forces with an Arizona-based partner.

Grand Haven-based Investment Property Associates, or IPA, said this week that it has merged with Retirement Community Specialists in Phoenix, or RCS, under the IPA umbrella.

IPA develops and operates multi-family and senior living communities in Michigan, while RCS develops and operates senior housing communities in Arizona.

IPA and RCS now operate under the direction of a combined executive team and board of directors, including the four partners of IPA and Eric Johnston, the founder and owner of RCS.

Both organizations will continue to operate under their respective names, leveraging the brands both companies have built over the years.

The combined company will now offer housing communities for all ages, from students to professionals to families and seniors.

Employees and residents are both expected to benefit from the merger, which brings together the firms' services and technology.

Partners

The decision to join together follows a partnership the two companies entered into previously.

IPA and RCS came together in 2012 to develop Generations at Agritopia, the flagship community of the Generations senior living brand.

“The relationship between IPA and RCS was apparent from the first handshake over three years ago,” RCS’ Johnston said. “Together, we will be able to deliver high-quality senior housing on a broader scale and create new opportunities for team members.”

The merger creates "an exciting opportunity for our company, our residents and our investment partners," said Scott Brooks, a partner at IPA.

"We both share a mutual promise of creating communities where our residents want to stay longer and invite others to join them,” Brooks said. “With the two organizations joining forces, we now have the opportunity to positively impact the lives of people across multiple generations, from great grandchildren to great grandparents and everyone in between.”

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