Development consultancy and construction management firm Drive Development Partners is partnering with Lloyd Jones.
The company specializes in retirement homes and multi-family development and “matches Lloyd Jones’ current $1 billion portfolio,” according to a press release announcing the move. In April, Lloyd Jones had around 40 assets under management in total.
Drive Development managing partner Michael Hass is expected to join Miami-based Lloyd Jones as senior vice president of development, design and construction.
As part of the deal, Lloyd Jones takes over Drive Development’s office in Miami, Florida. The Drive Development office in Phoenix, Arizona, however, is not closing and will now operate under the Drive name.
Lloyd Jones is also expanding its offerings to include fee-based development consultancy, owner representation as well as construction management, project consultancy and program management.
The move follows news that Lloyd Jones is selling the majority of its multi-family portfolio in a bid to prioritize senior residences.
Lloyd Jones’ senior living pipeline now includes a development under construction in Florida, with acquisitions in Minnesota, Nebraska and Tennessee. The company aims to acquire 2,000 residences for the elderly this year.