Shrewsbury retirement community bought for $36M by large investment firm
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The Residence at Orchard Grove in Shrewsbury
The Residence at Orchard Grove in Shrewsbury is under new ownership, following its purchase by a Chicago-based real estate investment firm.
The senior living facility, located at 258 Walnut St., was purchased for $36 million by VTR Orchard Grove LLC, according to Worcester District Registry of Deeds records. VTR shares an address with the corporate headquarters of Ventas, a real estate investment firm and trust focusing on senior housing and medical facilities.
Ventas owns more than 1,400 properties across the United States, Canada, and the United Kingdom, according to the company’s website. Of these properties, 821 are senior living communities, with local examples including Atria Draper Place in Hopedale and Brookdale Cushing Park in Framingham.
The property was sold by BMSH I/LCB Shrewsbury MA LLC, a corporation managed by LCB Senior Living in Norwood operating senior homes in seven states. Other LCB locations include The Residence at Valley Farm in Ashland and The Residence at Paine Estate in Wayland.
LCB purchased the property in 2016 for $2.2 million, according to Town of Shrewsbury property records, before building the 80-bedroom facility in 2017. The property was given a tax assessment value of $9.6 million in fiscal 2024.
CORRECTION: An earlier version of this story incorrectly said that the Residence at Orchard Grove would be under new management. The property has been sold to Ventas, but Ted Doyle, Vice President of Marketing & Communications for LCB Senior Living, told WBJ that LCB will continue to manage the property.
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