ACTS to Invest $300M in CCRC Senior Housing Development through 2017

by Jeff Shaw

WEST POINT, Pa. — Senior living provider ACTS Retirement-Life Communities has unveiled a multi-year strategic plan to renovate and reposition its portfolio of continuing care retirement communities (CCRCs). The renovations are expected to total approximately $300 million over the next three years.

In the Philadelphia suburbs, ACTS plans $120 million in upgrades at its eight CCRCs in Bucks, Delaware and Montgomery counties. Among the larger projects is at Granite Farms Estates in Media, which is undergoing several community enhancements over a 36-month period totaling approximately $40 million. The upgrades include a new bistro café, fitness center, heated indoor pool and larger independent living apartments.

“The next wave of seniors who will be moving into our communities have different expectations not just in activities they prefer but how they want to live,” says Mark Vanderbeck, ACTS CEO. “The retirement communities that will thrive in the future will offer greater choice, flexibility, and customization that the next generation of retirees will demand.”

Funding will primarily come from operating capital, tax-exempt financing and fundraising.

ACTS Retirement-Life Communities is the largest not-for-profit owner, operator and developer of CCRCs in the United States. Headquartered in suburban Philadelphia, ACTS serves approximately 8,500 seniors through its 23 communities in Pennsylvania, Delaware, Maryland, North and South Carolina, Georgia, Alabama, and Florida.

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