As it grows throughout the 2020s, the senior living industry will have to provide more “middle market” options to seniors. With that in mind, senior living veteran Douglas Brawn has launched a new operating company called Alta Senior Living. Mr. Brawn comes from Welbrook Senior Living where he was a Principal.
Based in both Santa Monica, California and West Palm Beach, Florida, the vertically integrated real estate investment firm is primed to grow through value-add acquisitions and ground-up development. They plan to operate as well and will benefit from an assembled team with tenured experience in senior living M&A, development, asset management, finance, construction, capital markets, marketing and, of course, operations.
One of those new senior employees is Scott McCorvie, who joined as CFO and EVP of Investments. Mr. McCorvie comes from his own firm, Senior Living Growth Advisors, which he launched in 2017 to help senior living investors grow their platforms. He also has experience at two institutional investment firms and in the appraisal business.
Alta Senior Living already has a pipeline of private pay investment opportunities and is targeting value-add transactions in the Florida and California markets. This is where ownership believes it can effectively target a more middle-market consumer, by purchasing the assets at a lower cost basis, while also improving their value. It’s a great formula when done correctly. They also believe this acquisition strategy is a lower-cost solution than new construction, although Alta will also pursue some select ground-up development projects and core investments. The company has started the search for programmatic capital partners to fund its growth but has not made a selection yet.
