Senior Apartments - Turnaround Solutions

Location: Southern Missouri

Rates

Apartments:$1,995 – $2,655 per month

History

This class A development opened in Summer 2008 with villa and senior living apartments. The campus was managed by a local multi-family housing company. Operations were fragmented, with no food service operator (food purchased from local diner and cafeteria) and housekeeping services were not offered. The property gained a reputation as “distressed” with no clear identity in the marketplace. There had been no occupancy growth in 2010.

Results

Upon assumption of operations in late 2010, Turnaround Solutions launched a two-year stabilization effort to re-position the community as a full-service senior living campus. Housekeeping and other ancillary services were added. Turnaround Solutions also revived the healthy aging concepts envisioned at project conception. The expense ratio was reduced by 40 percent, with a 120 percent NOI growth. The project is currently adding 72 beds of assisted living and memory care scheduled to open summer 2013.