TOLEDO, Ohio and ROANOKE, Va. — Welltower Inc (NYSE: WELL) and Retirement Unlimited Inc. (RUI) have formed a partnership under which RUI will operate luxury seniors housing communities under a newly launched Elancé brand.
Welltower, a Toledo-based REIT, installed Roanoke-based RUI as the operator of Fountains at Washington House in Alexandria, Virginia in November. Following the change, the property was renamed Elancé at Alexandria and became the first community under the new banner.
The two companies have planned a “significant expansion in the programmatic relationship between Welltower and RUI” in the coming months and years through a pipeline of acquisition, transition and development opportunities. The partnership is expected to grow to over 20 communities in the near term, spanning multiple states throughout the East Coast.
Welltower cited RUI’s mid-90 percent occupancy rate across its portfolio as evidence of the company’s strength.