Independent Living: $1,695 – $2,495 per month
The 124 units of independent living were developed within a bedroom community in the suburbs. The property had never exceeded 60 percent occupancy in more than three years of operation. There had been considerable turnover in key positions and five different executive directors since opening.
Turnaround Solutions implemented a coordinated relationship-based sales strategy that resulted in 58 move-ins and a net gain of 44 units in seven months. These efforts increased the monthly gross revenue by more than $113,000 or $1,356,000 annually. A national third party management company continued to manage operations during this effort.
Upon successful completion and Turnaround Solutions departure, the property’s occupancy dropped by 10 percent within three months. At which time, the owner selected Arrow Senior Living and Jackson Property Management to operate the asset.