Since its start in 1958, Olympia, Washington-based Koelsch Communities has grown its portfolio to 22 communities located in seven states. The company is also ratcheting up its expansion efforts in the next couple of years, with eight new seniors housing communities slated for completion in four states by 2018. Fueling this growth has been Koelsch’s relationship with Ventas, for which it operates 12 communities, but 18 after its latest transaction. Ventas purchased, then leased back, six seniors housing properties from Koelsch for $137 million.
Five of the six communities had been originally developed by Koelsch Communities between 1993 and 2014, with the sixth (a 142-unit independent living community in Kirkland, Washington built in 1977) having been acquired a few years ago. There is a 102-unit IL community built in 2001 in Longview, WA, an 85-unit assisted living/memory care community built in 1993 in Vancouver, WA, and three memory care communities in Fresno, California, Vancouver, WA, and Bozeman, Montana. Each stand-alone MC community features around 68 units and were built from 2010 to 2014.
With Ventas’ capital support, Koelsch also has three memory care developments planned in Illinois, one in Colorado, one in California, one in Washington, and an IL community each in California and Arizona. All are scheduled to open in either 2017 or 2018. This growth has been very impressive, and we hear that operations are going smoothly across the portfolio. We hope that continues for the new properties.
