In this episode, Jerry Vinci interviews Larry Mikell, the Deputy Executive Director of America’s Senior Living, about the intricacies of acquiring senior living communities. Larry shares his personal connection to the industry and how he was drawn to the opportunity to provide better care for older adults. They discuss the fragmented nature of the senior living industry and the challenges and opportunities it presents for acquisitions. Larry explains the typical process for acquiring a senior living community, including evaluating the seller’s psychology, conducting property inspections, and assessing the value of digital assets. They also explore the challenges of meeting the housing needs of the growing senior population and the importance of providing quality care and amenities. Finally, they touch on the issue of aging inventory and the need to ensure that newly acquired properties meet modern standards. America Senior Living focuses on acquiring and revitalizing existing senior living communities, with a focus on the lower and middle market. They repurpose and renovate older buildings to create senior safe properties, and also convert hotels into senior living communities. They conduct market analysis to ensure their communities remain competitive and affordable for residents. Their future goals include adding 1,000+ beds to their portfolio and creating a product that meets the needs of the middle market. They emphasize the importance of having a passion for the senior living space and adding value to the community.
- Acquiring senior living communities involves evaluating the seller’s psychology, conducting property inspections, and assessing the value of digital assets.
- The senior living industry is highly fragmented, with various types of communities and facilities catering to different needs.
- Meeting the housing needs of the growing senior population requires providing safe communities, quality care, good food, and a range of amenities.
- The challenge of aging inventory in senior living communities necessitates ensuring that newly acquired properties meet modern standards.
- The senior living industry needs to adapt to the increasing life expectancy and changing retirement age of older adults. America Senior Living focuses on acquiring and revitalizing existing senior living communities in the lower and middle market.
- They repurpose and renovate older buildings to create senior safe properties, and also convert hotels into senior living communities.
- Market analysis is conducted to ensure their communities remain competitive and affordable for residents.
- Their future goals include adding 1,000+ beds to their portfolio and creating a product that meets the needs of the middle market.
- Having a passion for the senior living space and adding value to the community are key factors for success.
