We heard many at the NIC Conference earlier this month talking about the abundance of capital and new capital providers in the senior living market. Some were optimistic, while others were lamenting it. Well, another alternative investment management firm has entered the senior living market. Oak Brook, Illinois-based Inland Private Capital Corporation (IPC) announced it has entered into a strategic relationship with Spectrum Retirement Communities, LLC to acquire, own and manage senior living communities across the country. Phil Shapiro Senior Living, LLC serves as IPC’s senior living advisor and was key in initiating and cultivating the relationship between them and Spectrum.
IPC, which focuses on a range of asset types including multifamily, self-storage, hospitality, healthcare, student housing, retail, office and industrial, cited the sector’s “recession resiliency” and “growing demand” as reasons to enter the market. Haven’t we heard that before? As a partner, they’ve chosen one of the more disciplined developers in the last five years, with Spectrum growing from 30 senior living communities in 2014 to its current 45 communities currently under management, or just three openings a year. An additional five developments are also in the works. We’ll see how their portfolio expands under this new arrangement.
