LOUISVILLE, Ky. — Atria Senior Living, a Louisville-based operator of independent and assisted living communities across the United States and Canada, has assumed management of 21 independent living communities owned by New Senior Investment Group (NYSE: SNR).
The communities are spread across nine states, concentrated in the Northeast, Midwest and West Coast. It is the first partnership between Atria and New Senior. Holiday Retirement previously operated the communities.
Atria will manage these new communities through its Atria Retirement brand. While the brand debuted in Canada in 2014, these will represent the first U.S. properties under that banner. Kristy Grange is president of the Atria Retirement division.
“We are excited to take what Kristy and her team have done with Atria Retirement and apply their successful management model to a broader portfolio, as we work to grow each of our key brand segments,” says John Moore, Atria chairman and CEO.
In addition to operating the 21 communities for New Senior, Atria plans to carry out capital management, development and redevelopment services. Transition of the communities to Atria Retirement is scheduled for completion in April.
Moore says the transaction is a major step for Atria in augmenting its segmented senior living management business. Atria Retirement is a lower-price-point independent living product than Atria’s other brands, which include Atria, Atria Signature, Atria Park and its new lower price point assisted living brand, Gladwell. A new luxury brand is also coming soon through Atria’s joint venture with the Related Cos.
Atria is also moving beyond management and development services in senior housing through its recently launched software subsidiary, which offers community management applications to other owners and providers under the Glennis brand.