Foundry Commercial continues to expand its seniors housing portfolio, recently adding 16 new seniors housing communities to be managed by Spring Arbor, its in-house operating platform. With the new contracts, Spring Arbor now manages 40 communities in 10 states across the Mid-Atlantic, Southeast and Midwest. In addition to North Carolina, Virginia, and Maryland, where Spring Arbor was already operating, Foundry now has a management presence in South Carolina, Florida, Tennessee, Kansas, Nebraska, Iowa, and Minnesota. Also with these added communities, Foundry and its affiliated joint venture operating partner, Cascadia Senior Living, now operate 54 communities in 12 states.
Four capital providers own the new assets, which have varying occupancies, including stabilized assets. On the real estate side, Foundry also recently purchased White Springs Senior Living, a 90-unit senior living community in Warrenton, Virginia. Built in 2020, the community has 66 assisted living and 24 memory care units. Occupancy was in the high-90s. Foundry bought the asset from a private equity group with the help of acquisition financing arranged by Capital Funding Group.
Foundry’s announcement comes after several other major operator reshuffles. Ventas just disclosed that it was changing out the management of 26 independent living communities that had been managed by “Holiday by Atria.” Sodalis Senior Living will be taking over 13 communities in Texas, Priority Life Care eight in Florida, and Discovery Senior Living five in California. All three companies are already successfully managing properties on behalf of Ventas.
Gardant Management Solutions also just announced that it was adding 25 communities in Illinois (22) and Ohio (3) to its third-party management portfolio. Also, Tutera Senior Living recently took over 10 seniors housing communities previously operated by Enlivant.
