Fox Ridge Management Sells 3 Properties, Will Remain as Manager

Fox Ridge Management Sells 3 Properties, Will Remain as Manager
Rodney Thomason

Affiliates of Fox Ridge Management LLC said Wednesday that it had sold three seniors housing communities in central Arkansas to subsidiaries of Healthcare Trust Inc. of New York, a health care-focused real estate investment trust. 

Financial terms of the deal were not disclosed. But Fox Ridge said it will continue to serve as manager for three properties, which are in Bryant, Little Rock and North Little Rock.

“Senior housing is a big sector for investment right now,” said Rodney Thomason, CEO of Medical Assets Holding Co. of North Little Rock. “The significant difference in this deal, as compared to other sale transactions, is that Fox Ridge will maintain its same local operators. In many similar situations, investors hire management teams, which are often located out of state or even national operations.”

Thomason acquired the Bryant property in 2007. His team built the facilities in North Little Rock and in Chenal in Little Rock, which opened in 2007 and 2008, respectively.

Thomason said the ownership transition for the luxury assisted living communities will be “seamless.” 

“Residents and their families will still receive the same high level of service Fox Ridge has always provided,” he said. “That was the only way we agreed to sell the properties – if we could maintain the integrity of our facilities.”