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FOR CAPITAL PLANNING


IDENTIFYING THE MOST CRITICAL PROJECTS


BY ADAM STONE


Located just outside of Miami, Vi at Aventura includes a mix of individual apartments for assisted living and memory care. After 15 years, it was starting to show its age. “It was still in good shape, but when carpeting hasn’t been replaced for a number of years, you start getting wear patterns. Couches and chairs don’t look as fresh and crisp,” said Gary Smith, CFO at Vi. The company spent $5 million to upgrade the property. All


of the common areas received fresh paint, new furnishings, and similar enhancements. “It’s a benefit to our current res- idents and it also speaks to our prospects, who have certain expectations about things like finish. We want to meet their expectations as well,” Smith said.


With many senior living communities edging toward 15, 20,


or 30 years of age, operators are putting a range of capital expenditure, or capex, projects into play. With pressure on to renew and refresh, questions arise: Which projects take precedence? How best to prioritize capex? Who gets a say in the process, and what is the executive director’s role? In this article we’ll start by looking at some of the most common triggers for capital investments, and then dive into questions of process and prioritization.


Capex drivers Consider the four most common triggers for a capex project: The refresh, the urgent situation, improved space utilization, and the competitive landscape.


26 SENIOR LIVING EXECUTIVE SEPTEMBER/OCTOBER 2018


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