PITTSBURGH - Vincentian Collaborative System, the McCandless-based nonprofit elder care operator, has bought the 164-unit Schenley Gardens, taking over the Oakland complex from the publicly traded real estate investment trust that faced losing its license to operate it.
Nick Vizzoca, president and CEO of Vincentian, has long been familiar with the Bigelow Boulevard facility from driving it past it while working in a previous post at UPMC. He even approached the previous owner, New York-based New Senior Investment Group, about managing it.
Instead, New Senior offered to sell, culminating in a transaction that closed this week that will likely prove to be real estate bargain for Vincentian as well as deal that will save the future of Schenley Gardens as a personnel care home.
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Pittsburgh Business Times