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FeaturesNewsOperationsTechnology

Smart Tech Implementation Can Make Operations More Efficient, Say Webinar Panelists

by Jeff Shaw

Implementing technology is a tricky proposition for seniors housing operators. Will the return justify the expense? Will staff learn and use the technology? Will residents use it and like it? Perhaps most importantly, will it drive more efficiency and allow fewer employees to do more during a labor crisis? If a purchase is to be worthwhile, the answer to all of those questions should be “yes.” That was the message of panelists on a recent webinar entitled “Rethinking Seniors Housing Resident Engagement — Technology that Improves Staff Efficiencies while Enhancing …

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FeaturesNewsOperations

Webinar Panelists: Labor Challenges, Vaccine Mandates Require Creative Hiring Strategies

by Jeff Shaw

Hiring challenges have become a nationwide issue across industries, but seniors housing operators may be among the worst hit. First, the COVID-19 pandemic scared many prospective workers away from the industry. Then many stayed home to take care of children who couldn’t attend school, bolstered by enhanced unemployment benefits. Now many operators are faced with a difficult decision: Should they mandate COVID-19 vaccines among their staff, adding more difficulty to the staffing situation but better protecting residents from the deadly virus? This was the topic discussed on a webinar entitled …

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Active AdultFeaturesNews

Active Adult Communities Thrived During Height of Pandemic, Say NIC Panelists

by Jeff Shaw

HOUSTON — Although the seniors housing industry as a whole suffered big setbacks throughout the COVID-19 pandemic, hitting record-low occupancy rates across the board, one sub-segment was an exception to the rule. “During COVID there were clear winners and losers in commercial real estate,” said Aron Will, vice chairman of debt and structured finance at CBRE, where he is also co-head of CBRE Senior Housing. “Industrial, life sciences, medical office and multifamily were very clear winners. But one asset class that’s been overlooked is active adult, as it was also …

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FeaturesNewsTechnology

NIC Plans Deeper Data with New Partnerships, Studies

by Jeff Shaw

HOUSTON — The National Investment Center for Seniors Housing & Care (NIC) has plans to improve its data for its constituents through commissioned studies and new technology partnerships. The announcement was made at the NIC Fall Conference, held Nov. 1 through 3 in Houston. Brian Jurutka, president and CEO of NIC, led a press conference to kick off the event on Monday. The first order of business was two new software partnerships with Glennis Solutions and Eldermark to improve NIC’s data set for actual rental rates. The actual rates initiative …

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AcquisitionsAlabamaFeaturesNews

CBRE Arranges $9.5M Acquisition Financing for Pine Valley Retirement Community in Tuscaloosa, Alabama

by Jeff Shaw

TUSCALOOSA, Ala. — CBRE Senior Housing has arranged acquisition financing for Pine Valley Retirement Community, a 113-unit independent living and assisted living community in Tuscaloosa. The borrower is a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. The seller was not disclosed. Situated on a 10-acre site, the community comprises 98 independent living units, which includes 38 patio homes, and 15 assisted living units. Post-closing, the buyer plans to deploy approximately $2.4 million in capital upgrades. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing …

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FeaturesNewsOperations

Growing Competitive Threats, COVID Fallout Complicate Seniors Housing Marketing Efforts, Say LeadingAge Panelists

by Jeff Shaw

ATLANTA — As a wide variety of companies look to capitalize on the baby boomer generation reaching retirement age, traditional seniors housing operators are facing an ever-growing set of competitors for the services offered. Options such as active adult living and home care have always been a threat, but they’ve become more so. Active adult communities are now building with plans for seniors to age in place, according to Rob Love, president and CEO of marketing firm Love & Company. What’s more, services that used to make seniors housing a …

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DevelopmentFeaturesIndustry Voices

How to Overcome Construction Cost Increases in Senior Living Projects

by Jeff Shaw

General contractors in the senior living space have faced tough challenges in the wake of COVID. Construction material costs have fluctuated wildly, while hiring good employees has proven difficult, slowing down timelines. Seniors Housing Business spoke with Richard Lara, president of RAAM Construction Inc., about the challenges builders face in the senior living sector. SHB: Tell us a bit about your business and how much work you’ve done in the seniors housing space. Lara: RAAM Construction is a general building contracting firm specializing in multi-unit construction projects throughout California. In …

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FeaturesNews

Private-Pay Seniors Housing Occupancy Rises to 80.1 percent in Third Quarter, Says NIC

by Jeff Shaw

ANNAPOLIS, Md. — Private-pay seniors housing occupancy in the United States increased 140 basis points in the third quarter of 2021 from 78.7 percent to 80.1 percent. The second-quarter number was the record low, a result of the effects of the COVID-19 pandemic. That’s according to new data from the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets through its NIC MAP Vision product. Private-pay seniors housing comprises independent living, assisted living and memory care. …

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FeaturesNewsSkilled Nursing

NIC: Skilled Nursing Occupancy Increases for Sixth Straight Month

by Jeff Shaw

ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities increased to 75 percent in July 2021 compared to 58 basis points from the previous month, according to NIC MAP data. This marks the sixth consecutive month of improved occupancy rates for the skilled nursing sector. Despite this improvement, occupancy remains below its pre-pandemic level of 85.5 percent in February 2020. The National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit data firm, gathers the data from approximately 1,300 individual skilled nursing facilities in 47 states.

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FeaturesNews

Investors, Brokers See Transactions Increasing Amid Strong Economic Fundamentals, Says Webinar Panel

by Jeff Shaw

Especially when compared to the early days of the COVID-19 pandemic, the U.S. economy is showing some strong results, according to JP LoMonaco of Valuation & Information Group. There were 60 percent more new businesses started in the first half of 2021 than the same period of 2020, LoMonaco noted. Initial public offerings (IPOs), at 80 per month, are at nearly triple the pace of January 2020. Compared to the pandemic lows of March 2020, the Dow Jones Industrial Average is up 82 percent, the S&P 500 is up 93 …

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