Third-generation owner and operator channels inspiration from his family and other industry luminaries into large portfolio. By Jeff Shaw Greg Roderick was born for this industry. Roderick’s grandfather was the first in the family to enter seniors housing. He got his start alongside Carl Campbell, a seniors housing industry pioneer who started building in the 1950s and finally retired in 2017 while in his mid-90s. As part of his retirement plans, Campbell shrank his 12,000-square-foot penthouse located at one of his own communities in Wenatchee, Washington, down to 1,200 square …
Anthem experiences huge occupancy growth as the company champions the importance of standalone memory care. By Jeff Shaw Standalone memory care has been through the wringer in recent years. Although nearly every assisted living community now includes some memory care units, properties that exclusively offer this specialized care have fallen out of favor. Lenders and investors have begun to shy away amid low occupancy rates, instead favoring properties that offer a full continuum of care (often including independent living as well). Standalone memory care occupancy rates have fluctuated between 80 …
Softening real estate fundamentals combined with facility lockdowns stymie deals. By Matt Valley The longer the COVID-19 pandemic goes, the bigger the toll will be on investment sales activity, say commercial real estate finance professionals. PGIM Real Estate early this year completed its capital raise for Senior Housing Partners VI, a closed-end fund with a total of $996 million in commitments. But Steve Blazejewski, managing director at PGIM Real Estate, says the investment firm’s acquisition pipeline is currently “on ice.” “It’s really difficult to pursue an acquisition of some size …
How can operators meet the need for socialization while isolating residents as required by the pandemic? Community is strengthened By Brian Landrum Senior Managing Director Harbert Management Corp. I have been inspired by the stronger sense of community and the bonds created between residents, families and staff during the pandemic. In terms of socialization across our portfolio, we have implemented family window visits, pen pal programs with local schools, employee recognition opportunities and virtual socialization. Video conferencing has never been so prevalent in our communities — a welcomed advancement for …
MADISON, Ga. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full build-out, the project will feature 332 units of seniors housing in Madison, a small city approximately 60 miles east of Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I features a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities such as a fitness center. Phase II will add assisted living and memory care units …
WASHINGTON, D.C. — Even more than three months into the COVID-19 pandemic, more than half of assisted living operators have less than a two-week supply of personal protective equipment (PPE) for staff. This is according to a recent survey by the National Center for Assisted Living (NCAL). Based in Washington, D.C., the organization is the assisted living arm of the American Health Care Association. The survey polled 375 NCAL members between June 10 and June 17. While more than 70 percent of operators have asked for help from state and …
EVANSTON, Ill., and CHAUTAUQUA, N.Y. — Mather and Chautauqua Institution have entered into a partnership to jointly implement research and programming to engage and enrich the lives of seniors, while also providing a forum to discuss critical issues. Through the partnership, residents of senior living communities across the U.S. are invited to engage in CHQ Assembly, a new video platform where subscribers can access lectures, worship, performances, visual arts and recreation programs on their desktop or laptop computers or on mobile devices and televisions. Chautauqua Institution, based in the Western …
Particularly in the Southeast, where there are fewer cases, builders continue to find work with a few adjustments for COVID-19. By B. Shane Hornbuckle, Principal, Van Winkle Construction Feeling nervous about the economy in light of the pandemic? If you are, take heart: Not everything has come to a stop. While other industries and markets grapple with closures and uncertainty, the design and construction markets remain strong for senior living, particularly in the Southeast. In South Carolina, Van Winkle Construction broke ground for the Indigo at Carolina Forest near Myrtle …
NORTH PROVIDENCE, R.I. — Private equity investment firm Tryko Partners has been selected to acquire Hopkins Manor, a 200-bed skilled nursing facility in North Providence. Tryko will purchase the property out of receivership for $14.5 million. Tryko and its healthcare affiliate, Marquis Health Services, will assist Jonathan Savage of Shechtman Halperin Savage, the Rhode Island Superior Court-appointed special master for Hopkins Manor. Savage, with the facility’s team of caregivers and staff, has stabilized and successfully marketed the facility, culminating the court approval just seven weeks after the start of the …
ANNAPOLIS, Md. — Assisted living properties experienced a 90-basis-point decline to 85.2 percent stabilized occupancy in May 2020. This compares with 86.1 percent in April and 87.8 percent in March, the first full month of the COVID-19 pandemic. The data comes from the National Investment Center for Seniors Housing & Care (NIC), based on the Annapolis-based organization’s top 31 U.S. markets. In response to the coronavirus outbreak, NIC has started reporting data monthly rather than quarterly. The impact was less severe for independent living properties, which experienced a 60-basis-point decrease …