CHICAGO — Ventas Inc. (NYSE: VTR) has appointed J. Justin Hutchens as executive vice president, senior housing, North America, effective April 1. The appointment is part of a series of actions, including a realignment of current executive team responsibilities, to improve the company’s performance in seniors housing. In this newly created role, Hutchens will oversee the Chicago-based REIT’s seniors housing business in North America, which includes over 700 properties that provide high-quality environments for approximately 60,000 seniors. The company is the second largest owner of seniors housing in the United …
Company News
DALLAS and NEW BRAUNFELS, Texas — New Braunfels-based SilverPoint Senior Living, a newly formed management company led by CEO Shawn Corzine, has signed an expansion partnership with Journey Capital, a Dallas-based real estate development company led by hospitality entrepreneurs Anand Patel and Narayan Patel. With its investment in SilverPoint, Journey Capital’s co-founders will also assume roles as partners in the management company Journey Capital will work with SilverPoint to grow its development and acquisition pipeline and lean on the company for third-party management and consulting services. While SilverPoint is currently …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), the largest REIT in the seniors housing space both by units and market cap, has launched welltowerLIVING, a wellness-focused housing concept for residents aged 55 and over. The brand was developed with the specific aim to fulfill the unmet need private-pay housing that is affordable for moderate-income seniors, many of whom will be Medicare eligible. The brand intends to offer a lower cost, technologically delivered wellness solution to residents, according to the Toledo-based REIT. This offering is limited in service relative to traditional …
CLEVELAND — OnShift, a Cleveland-based software company serving the healthcare industry, has acquired Avesta Systems Inc., a provider of talent acquisition software and services that streamline recruiting and hiring processes. Avesta’s software, now called OnShift Employ, manages the talent acquisition process, including candidate sourcing, recruitment, screening, hiring and onboarding. With the Avesta acquisition, OnShift further expands its footprint in the healthcare marketplace, by now also serving organizations in the emergency medical services (EMS) segment. The cost of the acquisition was not disclosed.
Welltower Forms Joint Venture with Thomas Jefferson University for Real Estate, Care Partnerships
by Jeff Shaw
PHILADELPHIA and TOLEDO, Ohio — Toledo-based real estate investment trust Welltower (NYSE: WELL) and Philadelphia-based Thomas Jefferson University and Jefferson Health have unveiled plans for a long-term strategic partnership. Under the deal, Welltower will buy an ownership stake in much of Jefferson’s real estate, while Jefferson will provide services at Welltower’s seniors housing properties. Welltower’s investment into Jefferson’s properties will allow the organization to reduce its fixed assets and redeploy the capital into other areas. Welltower also plans to help Jefferson accelerate its growth in ambulatory care through capital support …
DALLAS — Anand Patel and Narayan Patel have launched Journey Capital, a newly formed real estate development and acquisitions company based in Dallas. The company plans to start a pipeline of seniors housing properties, starting in Texas. The two principals originally started in the hospitality industry. “We take great pride in guest service, and we wanted to bring that passion into a new space,” says Anand. “Seniors housing is a natural fit, but we think the industry needs to evolve to meet its potential. Our goal is to build senior …
NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin America arm of Tokyo-based ORIX Corp., has completed its acquisition of Hunt Real Estate Capital. The buyer announced it plans to combine Hunt Real Estate Capital with its two other ORIX Real Estate Capital brands, Lancaster Pollard and RED Capital Group. “The combined organization will possess the capital, national presence, servicing capability, and range of debt and investment solutions to address the needs of the entire commercial real estate community,” says Terry Suzuki, ORIX USA president and CEO. Industry …
Senior Housing Properties Trust Changes Name to Diversified Healthcare Trust Amid Massive Portfolio Restructuring
by Jeff Shaw
NEWTON, Mass. — Publicly traded REIT Senior Housing Properties Trust has changed its name to Diversified Healthcare Trust and has begun trading under its new stock symbol, DHC on the Nasdaq stock exchange. “We believe [the new name] more accurately depicts both our portfolio of diverse, high-quality healthcare real estate and our strategy moving forward,” says Jennifer Francis, president and chief operating officer. “Over the past 10 years, we have made considerable progress in diversifying and enhancing what was once a pure-play senior living portfolio by strategically acquiring state-of-the-art life …
SAN FRANCISCO — Sequoia Living, a nonprofit organization that operates seniors housing and provides services to the elderly in Northern California, has hired Sara McVey as president and CEO. McVey succeeds David Berg, who retired in September. Bringing more than 20 years of marketing and senior living management experience to Sequoia Living, McVey previously served as CEO of Horizon House, a continuing care retirement community in Seattle. Prior to that, she held executive leadership roles at Mather LifeWays, an operator of senior living communities. McVey earned a bachelor’s degree in …
FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, one of the nation’s largest nonprofit senior living organizations, has acquired an 80,000 SF office building in Fort Washington for an undisclosed price. Acts will move its headquarters to the building and will be the sole occupant. Acts will move its operations from West Point, just a few miles away. Both municipalities are northern suburbs of Philadelphia. Acts has operated out of its current headquarters since 1989. The office complex was built in 2006 and will serve Acts’ primary base of operations for …