In Indiana
Life Care Services (LCS) recently announced it was breaking ground on the Clarendale of Schererville in Schererville, Indiana, the third “Clarendale” property for LCS and construction partner Ryan Companies. The community will feature 177 units of independent living, assisted living and memory care at a cost of $40 million, or $226,000 per unit, to build. The two other “Clarendale” properties are located in Illinois: a 186-unit community in Algonquin and a 156-unit community in Mokena. While the newest property will be ready to open in spring 2017, it will not be short on company. There has been plenty of building going on in the state of Indiana, particularly in the Gary and Indianapolis... Read More »Mainstreet’s move into Kansas
Where does Mainstreet go next? The developer of post-acute/assisted living facilities has already developed 19 facilities in Indiana since 2009, with five more coming in the next year. It has also constructed one facility each in Illinois and Colorado. Not much for geographical diversity. However, that will soon change, helped in large part by the company’s planned five-year, $5 billion development pipeline. One state where Mainstreet already has shovels in the ground is Kansas. For three of the projects, in Kansas City, Overland Park and Olathe, Mainstreet partnered with The Ensign Group to develop the facilities. And Mainstreet just last week broke ground on the fourth project, a 94-bed,... Read More »New post-acute care venture
Looks like Mainstreet will be gaining some new competition, with a new venture entering the transitional care space, with a plan to develop upwards of 12 projects, all of which are currently in some stage of pre-development. The new venture, called Innovative Health LLC, was started by Brian Cloch, the founder and former President of the Affordable Assisted Living Coalition, and Brad Haber, who came from GE Capital Healthcare Financial Services. Combined, the duo has 50 years of experience in the long-term care industry. The properties will go by a “prototype” with 60 to 70 transitional care beds, mostly in private rooms. To fund the projects, Innovative Health will obtain HUD or... Read More »The Aging of Skilled Nursing Facilities
The skilled nursing market is clearly aging when facilities 20 years and older make up about 87% of the transactions in 2014. The proportion of facilities sold by age largely depends on the product up for sale that year, but even in 2013, 81% of the sales involved a facility that was built before 1993. That is still a significant percentage, but is not that surprising in the industry. There hasn’t been much new construction of skilled nursing facilities (leaving openings for developers like Mainstreet and Innovative Health). However, average prices reached unprecedented levels despite the older facilities, which may mean that as the market demand increases for facilities with either a... Read More »Schedule a demo
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