A recently opened retirement community in Ephrata Borough has been sold for $21.5 million, according to courthouse records.
Keystone Villa, plus two sister facilities in Berks County, were acquired earlier this month by a Media-based private equity firm, Capital Health Group.
Capital Health Group has picked Milestone Retirement Communities, based in Vancouver, Washington, to manage the three properties.
Spokesmen for Keystone Villa and Capital Health Group could not be immediately reached for comment.
Keystone Villa opened its Ephrata location in 2014. The 100 N. State St. site previously was home to the Artworks at Doneckers (a collection of art studios and galleries) and before that, the Fleet-Air shoe factory.
Most of the seven-building complex, parts of which dated to the 1800s, was razed to make way for new construction of the retirement community, standing four stories high.
Described at that time as a $19 million project, Keystone Villa has 139 units for independent living, assisted living and memory-care living.
Also changing hands were Keystone Villa facilities in Douglassville (opened in 2005) and Fleetwood (opened in 2010), bringing the total number of residential units in the three locations to 509.
The three locations are for-profit retirement communities. They were developed and owned by Hollenbach Elliott Development Group, based in Berks County.