Keene senior housing complex sold after court action

American House on Water Street in Keene was recently sold for nearly $14 million. (File photo by Ethan Weston, Keene Sentinel)

A senior housing complex in Keene that was millions in debt has sold, and the new owner says there will be no impact on residents.

In a news release in late December, American House Senior Living Communities, the previous owner, announced a “new strategic partnership that secures the long-term stability” of American House Keene.

Keene Ventures LLC, a Chicago-based agency associated with the private equity real-estate firm JDI Realty, bought the 197 Water St. property last month for about $13.8 million, according to city property records.

A Cheshire County Superior Court judge put American House Keene under receivership in May after a lender petitioned the court, alleging American House owed it about $19 million.

Built in the early 2000s as Bentley Commons, the property sold to American House in 2018 for about $11.3 million, according to city records.

In May, the receiver, KCP Advisory Group, was tasked with operating the property until the court made any additional orders in the case or approved a sale, as it has now done.

While assuring residents there would be no changes, American House wrote in court filings it was concerned about that very thing. In a document the company filed in court April 24, it argued the appointment of a receiver “could unnecessarily cause the residents upheaval and distress.”

The company’s attorneys also wrote that a third party taking control of the facility would cause “fear and anxiety” in the community, “disruptions to the operations” and could cause some residents to leave.

During the receivership process, American House residents experienced no changes to rent, services or lifestyle, and occupancy remained stable, according to the December release from American House.

The new owner says the transition should be seamless.

Adam Seidenberg, a spokesperson for Keene Ventures, said in an email there are no changes planned that would impact residents.

“This is a beautiful community that is well operated and, most importantly, the residents are happy,” Seidenberg wrote. “… We’re excited to partner with American House and support the team as they continue delivering a high-quality resident experience.”

American House Keene is home to about 100 residents and employs about 60 people, American House Senior Living Communities President Jeff Floyd said earlier this year.

— ABIGAIL HAM, KEENE SENTINEL