Cappella Living Solutions, the management and consulting division of Denver-based Christian Living Communities (CLC), has added a dozen new senior living properties to its portfolio.
Last month, Cappella assumed management of seven Villagio Senior Living communities in Texas, Oklahoma and Colorado. In the same month, the organization began managing four communities owned by health care real estate firm NexCore in Indiana and Ohio. One of the communities Ohio, Heritage Crossing in Akron, is set to hold its grand opening on September 19.
The additions come on the heels of CLC’s acquisition of the operations of Legacy Commons in Pueblo West, Colorado, in an arrangement that came together with real estate investment trust National Health Investors (NYSE: NHI) in July.
Last month’s acquisitions represent a “new chapter” for Cappella, according to CLC President and CEO Terry Rogers.
“We wanted to strategically grow into other Midwest and Western states, and in doing so, we intentionally sought to be a partner to multi-state ownership groups,” Rogers told Senior Housing News. “We expect to continue to grow our management side, but also our ownership and services business arms as well.”
All told, both CLC and Cappella now manage 26 communities across seven states, including five the company owns. The company’s current partners include both real estate investment trusts (REITs) and development groups that are just entering into the senior housing market.
Last year, CLC outlined a plan to double the size of Cappella — a goal the company has now reached. Looking ahead, CLC and Cappella may add two to three communities or service expansions per year.
“Cappella third-party management growth can happen more quickly, with limited needs for upfront capital, so it makes sense that we are seeking growth in that space,” Rogers said. “There is a big need for quality operators in the investor-owned properties …. [and] we are seeking growth opportunities for both our owned portfolio and our management services.”
The company is seeking to grow in other ways, too, including by looking for a plot of land in the greater Denver area on which to ultimately build up to 100 Minka homes. CLC is also one of the companies founding The Perennial Consortium, an operator-owned Medicare Advantage (MA) network set to launch in 2021.
The post Cappella Adds 12 Senior Living Communities, Starts ‘New Chapter’ appeared first on Senior Housing News.