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Springfield retirement community gets new ownership

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Last edited 2:11 p.m., Nov. 14, 2019

The Montclair Retirement Community is under new ownership and management.

Oak Brook, Illinois-based Midwest Senior Living Exchange LLC purchased The Montclair from Dallas-based Capital Senior Living Corp. [NYSE: CSU] last month, according to officials with The Inland Real Estate Group of Cos. Inc., Midwest Senior Living’s parent company. Omaha, Nebraska-based Dial Senior Living assumed management of the company under the deal, said Dial spokeswoman Nichole Nichols. Terms were undisclosed.

Nichols said the retirement community in south Springfield has 156 residents and is at 95% occupancy. Jane Barnett, the community’s former business administrator, is serving as interim executive director. She succeeded Barbara Ray, who retired this summer, said Kathy Gregory, The Montclair’s marketing director.

Through the deal, Dial officials plan to renovate the facility, according to a release, including the addition of quartz countertops, new cabinetry, stainless steel appliances, laminate flooring, and updated indoor and outdoor commons areas. Nichols said the company currently is working on the new design and construction budget.

“Residents will be able to count on a completely refreshed, updated building, as well as the standard, high-quality amenities Dial facilities are known for: large, private bathrooms, a spacious kitchen, and an overall experience built around privacy, choice and dignity,” said Galen Moes, regional director for Dial, in the release.

The release said there would also be updates to the Wi-Fi and the addition of a communications software available for residents, families and staff.

The Montclair, at 1000 E. Montclair St., was built in 1988 and can house up to 170 residents, according to past Springfield Business Journal Research. The warranty deed for the property was filed with the recorder’s office on Oct. 1. The land has an assessed market value of $10.8 million, according to the assessor’s office.

The retirement community was last purchased by Capital Senior Living in December 2012 for $32.8 million from Maryland-based Brightview Co./The Shelter Group, according to past SBJ reporting.

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