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2018 LARGEST PROVIDERS


TOP 15 LARGEST MEMORY CARE PROVIDERS Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Provider Brookdale Senior Living Sunrise Senior Living Five Star Senior Living Affi nity Living Group Silverado Senior Lifestyle Corp. Atria Senior Living JEA Senior Living Milestone Retirement Communities Life Care Services Frontier Management The LaSalle Group American Senior Communities Pacifi ca Senior Living Benchmark


Memory Care Units


12,898 5,683 3,582 3,511 3,375 3,128 2,624 2,520 2,511 2,415 2,144 1,982 1,906 1,788 1,415


president and CEO. “Growth will come from a combination of new construction projects as well as mergers and acquisitions along the way,” he said. “We have two projects set to break ground this fall and two more slated for the spring of 2019. Currently, we are actively negotiating on four acquisitions and would hope to close on two of them at some point in the next six months."


International Opportunities With U.S. occupancy remaining stable (at 88 percent in Q2, ac- cording to the National Investment Center for Seniors Housing and Care), several companies have expanded their operations beyond the United States, capitalizing on anticipated population booms and other factors. Among U.S.-based operators, Sunrise Senior Living has the largest number of non-U.S. properties with 61 residences in Canada and the United Kingdom. Atria has 29 communities in Canada, while Merrill Gardens has four in China, Leisure Care has two in India, and Belmont Village has one in Mexico. Merrill Gardens entered the market in China after being ap-


proached by a friend of Bill Pettit, president of Merrill Gardens’ parent company. Cole Wright, managing director of Merrill Gardens China, was involved in those early discussions. “I was in law school at the time and had studied in Shanghai and spoke Chinese so they asked if I was interested in exploring it,” he said. “We all took a trip around China in October 2010 and decided it was worth pursuing. Our real estate partners seem excited about the future of this industry and are bringing us more projects. We are expanding our management team there and making more real estate investments there.” Consumer preferences in China have required some fl exibility.


“Our residents seem to be responding well to our model,” Wright continued. “China still has a strong cultural preference to owning homes and passing them down to the next generation. That has meant that senior housing models that include a for-sale option have historically fared better. However, our pure rental model seems to be gaining traction as the Chinese government has been imple- menting policies to encourage more home rentals. China’s service sector economy has also continued to grow rapidly and I believe


opportunistic and not focused on only specifi c geographic locations,” said C. Jill Hofer, Watermark’s director of communications. “We currently are located across 21 states. That being said, we are look- ing at opportunities that fi t our existing footprint where we have a strong presence, such as New York, Florida, Arizona, and California. We are seeing a gravitation toward higher barrier-to-entry markets, which often are on the coasts, and are certainly seeing an infl ux of capital focused on the assisted living and memory care market. While Watermark has a number of communities off ering assisted living and memory care, we are typically involved in communities that off er independent living, assisted living, and memory care.” New Perspective Senior Living, a 21-property provider that also


has units spread across independent living, assisted living, and memory care, plans to expand operations to fi ve times its current number of units by 2025, said Ryan Novaczyk, New Perspective


16 SENIOR LIVING EXECUTIVE SEPTEMBER/OCTOBER 2018 OF THE 125 LARGEST


PROVIDERS OPERATE NON-U.S. PROPERTIES:


Sunrise Senior Living Atria Senior Living Merrill Gardens Leisure Care


Belmont Village Senior Living


61 properties 29 properties 4 properties 2 properties 1 property


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