After launching in early 2021, Trustwell Living has added an additional 24 communities with 1,126 units to its growing portfolio. These 24 properties are located in eight states and bring Trustwell’s total portfolio to 45 communities with more than 2,300 units in 14 states. For now.
This will be a lot of work for the company, since it just transitioned 16 communities with 762 units in three states (Florida, Illinois and Ohio) last June. Prior to that, Trustwell had just five communities under management. Good thing they had the corporate infrastructure in place.
In the current agreement, they started transitioning 12 communities at the end of June, six more in September and the final six in October. The first tranche has seen incredible improvement. In just 90 days, census has increased from about 71.6% to 80%. And this is across 12 properties. Many companies have not seen an increase like that since the beginning of the post-pandemic recovery. The overall portfolio was in the low 70s.
Contract labor for this first group is down 75% and overtime is down 80%. And… they have filled 97 positions. The owner, which was not disclosed but is not Fannie Mae, must be thrilled. The former operator was not disclosed either, but given the locations and small average size, our guess is that they are former Enlivant communities. They are also mostly 25 to 30 years old, which fits the mold.
It is too early for results on the remaining 12 communities, but CEO Larry Cohen stated that one major change already put in place is that they have empowered the Executive Directors, who now have real responsibility and accountability, and feel like they are real EDs. “I am so proud of the team, and it was so seamless,’ Cohen stated.
