TOLEDO, Ohio, and CHICAGO — Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, has partnered with giant healthcare giant Welltower (NYSE: WELL) to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio.
Pathway to Living will operate the communities, which Toledo-based Welltower will own. The portfolio totals 1,105 units.
“This new alliance with Welltower, the industry’s leading healthcare real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” says Jerry Finis, CEO of Pathway to Living. “We look forward to expanding our footprint and implementing a strategic approach to maximizing occupancy as we emerge from the pandemic and into the future.”
This partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region, increasing its total units under management by 40 percent.
The portfolio consists of a mix of independent living, assisted living and memory care units. The value-add program will refresh common areas and address deferred maintenance issues across the portfolio. Additionally, several communities will undergo community infrastructure updates to improve aging sidewalks, parking lots and mechanical systems.