Invesque has completed the sale of 20 Commonwealth Senior Living properties as well as its majority ownership stake in the Commonwealth management company, the Fishers, IN-based healthcare real estate company announced Wednesday.

Invesque had acquired the communities and management company in 2019.

“The Commonwealth platform has been a large part of Invesque’s story over the last five and a half years, and we wish the Commonwealth team nothing but the best in the future,” Invesque CEO Adlai Chester said in Wednesday’s announcement. “We have determined that it is in the company’s best interest to exit the Commonwealth business and substantially reduce the leverage of the broader company.”

Invesque’s portfolio currently has 32 properties, 12 of which are under contract to be sold, the company said.

Invesque said May 20 that shareholders will be asked at a special meeting June 18 to approve the sale or lease of “all or substantially all of the assets” of the company. That announcement came less than a week after Invesque issued a business update in which Chief Financial Officer Quinn Haselhorst said that for the rest of the year, the company planned to focus on “the execution of several sale transactions as we look to optimize and return value to shareholders.” 

Chester said during last month’s earnings call that Invesque’s decision to focus on private-pay senior living communities while divesting of skilled nursing facilities and medical office buildings is paying off.