The seniors housing market has had its fair share of well-documented struggles, including plunging occupancies during COVID-19 and continuing labor challenges. Like the rest of the commercial real estate market, the sector is now confronting higher interest rates and recession. Despite those headwinds, investor demand for seniors housing assets remains strong, says Dawn Davis, an advisor specializing in seniors housing and skilled nursing with NAI Greywolf in Milwaukee. But sellers are only now grudgingly coming to terms with the fact that, because capital has become more expensive, the price buyers …
Operations
IRVINE, Calif. — Oakmont Senior Living, an Irvine-based operator with 44 communities located across California and Nevada, has promoted four employees to executive leadership positions within the growing company. Andrew Moret was promoted to vice president of culinary operations from director of culinary services. Bringing more than 20 years of restaurant experience, eight years working in senior living and strong leadership cultivated amongst his team, Moret strives to continue to elevate the senior living dining experience. David Odien was promoted to vice president of facilities management David Odien from director …
NIC Panel Shares Ways Seniors Housing Operators Can Improve Overall Customer Experience
WASHINGTON, D.C. — The seniors housing industry needs to improve overall customer service to deliver a more engaging and enriching product, according to William Swearingen, senior vice president of Spectrum Retirement Communities, a Denver-based owner and operator that offers independent living, assisted living and memory care. The good news is there are no barriers to entry to fix the problem. “It doesn’t take a budget; we don’t have to have the massive cash flow right out of the gate to be able to make these changes in the buyer experience,” …
Webinar: Let’s Talk About the Outlook for Seniors Housing Investment and Finance
Is there room for optimism in seniors housing? What does investor interest look like now? Learn about how interest rate increases are impacting seniors housing valuations, what a flight to quality means for different sectors, financing concerns and more. Watch the webinar here. Timestamps of major topics covered: (5:25) Impact of rising interest rates on seniors housing valuations (7:54) Effects broken down by sector: active adult, skilled nursing, assisted living (11:07) Financing in the current environment (13:21) Acquisition opportunities, plus deal flow and closing (18:10) Outlook for the market …
DALLAS —12 Oaks Senior Living, a Dallas-based operator, has add three to its solutions team. Nesley Fortenberry, who joins the team as a sales consultant, brings 10 years of senior living experience. She started her career as sales manager at a senior living community in Ponca City, Oklahoma, and was promoted to sales specialist. She was subsequently promoted to the role of regional sales specialist, covering 18 states. In her most recent position, Fortenberry was regional sales director responsible for 12 communities in Oklahoma, Texas, Illinois and Wisconsin. Jayme Tapia …
Webinar: The Great Squeeze — Vanishing Seniors Housing Operating Margins
Operating margins are shrinking, with cap rates becoming harder to calculate and in-place cash flows lower than pre-pandemic levels. The Sept. 22 webinar “The Great Squeeze — Vanishing Seniors Housing Operating Margins” focused on the bottom line for industry owners and operators. The panel discussion, hosted by Seniors Housing Business and sponsored by Valuation & Information Group, sought to shed light on valuation impacts, debt, interest rates and equity. “In the early months of the pandemic, interest rates decreased. Cap rates for well-performing senior housing projects hit new lows. Meanwhile, …
HOUSTON — The Buckingham, a continuing care retirement community in Houston, has named Philip Jacob as its new executive director. Jacob joined the community as a health care administrator in 2011, and mostly recently served as interim executive director. He brings several years of experience from SavaSeniorCare’s Houston properties. Under his tenure, the community earned and continues to receive a five-star rating from the Centers for Medicare and Medicaid Services (CMS). The healthcare center continues to achieve the highest clinical outcomes in the city and received deficiency-free surveys in 2015 …
HOUSTON — Bridgewood Property Co. has officially launched The Aspenwood Company, an operator with a focus on the Southeast and Central U.S. Bridgewood has hired Heather Tussing as president of the new, Houston-based Aspenwood. She brings over 20 years of experience in operations, sales, compliance and marketing in senior healthcare services, most recently serving as both chief operating officer and vice president of sales for Morning Pointe Senior Living. “The formation of The Aspenwood Company with Heather’s highly respected leadership provides a strategic alignment of our current and future business,” …
ROCKWALL, Texas — Ridgeline Management Co. has hired M. Christopher Dover as chief financial officer. Dover is a healthcare financial operations executive with 22 years of experience in the healthcare industry, including general acute care hospitals, medical groups, senior living and medical imaging. Areas of expertise include healthcare finance and accounting, physician practice management, senior living finance and healthcare business valuations. Dover has previously served as chief financial officer for hospitals and healthcare systems ranging from Holdenville General Hospital, a community hospital in Oklahoma early in his career, to large, …
By Brad Frasher, Executive Vice President, Glennis Solutions There’s no question that digital technologies will have new and increasingly important roles to play in nearly every aspect of senior living. But with the complex regulatory and safety environments in which senior living providers operate, as well as the unique combination of managing properties and resident care services, selecting and implementing the right assisted living software isn’t always straightforward. Seniors housing operators must be thoughtful about the technologies they choose to invest in to ensure that they achieve the highest return …