Pathway to Living is dramatically growing its senior housing portfolio with the addition of 22 communities.
The Chicago-based senior living operator announced the addition on June 2 in a since-deleted LinkedIn post.
“Today marks an exciting milestone for Pathway to Living as we officially welcome 22 new communities,” the post read. “We look forward to sharing and executing our mission to change the way society thinks about aging and senior living with our new communities of Brookstone Estates, Carriage Court, Brookstone Suites, Emerald Glen, Grand Victorian and Reflections Retirement.”
Welltower (NYSE: WELL) is a partner in the deal, SHN has learned from people with knowledge of the transaction. Representatives for both Pathway to Living and Welltower declined to comment on the portfolio addition when reached by SHN Monday.
The move is set to nearly double Pathway’s senior housing portfolio, which numbered 29 communities before the transaction. Pathway operates in six states, according to its website.
Real estate firm Waterton bought a controlling stake in Pathway to Living in 2019. The company has pursued a multi-brand strategy in building out its portfolio, with its Azpira Place, Aspired Living and Victory Centre properties serving different price points.
Pathway to Living CEO Jerry Finis traces the company’s origins back to the development of two communities in Illinois in 1997. The company’s original focus was in affordable senior housing, but that later evolved into a focus on private-pay senior housing.
In more recent years, Pathway has helped lead the wellness charge in the senior living industry with its Viva brand. The provider was also among the first in the U.S. to begin building wellness centers into communities, according to COO Maria Oliva.
Welltower has in 2021 broadened and deepened its ties to senior housing operating companies. For instance, the Toledo-Ohio based real estate investment trust (REIT) in May inked a new partnership with Treplus Communities that promises to “expand the best-in-class Treplus product offering into Welltower’s senior living portfolio.”
In recent weeks, leaders with Welltower have reported an uptick in lifestyle-driven consumers, which CEO Shankh Mitra said was a pleasant surprise.
“I honestly thought you were going to see more needs-based residents coming first and probably lifestyle residents would wait another six months,” Mitra said last month at the RBC Capital Markets Global Healthcare Conference.
Welltower in April saw the first occupancy gains in its SHO portfolio since the start of the pandemic when occupancy rose 50 basis points, reaching 74%. The REIT still has a hill to climb to get back to its pre-pandemic occupancy total of 85.6% in January, 2020.
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