Sodalis Senior Living, Priority Life Care and Discovery Senior Living will assume management of 26 Holiday by Atria independent living communities for Chicago-based Ventas, the real estate investment trust announced Tuesday.
The communities are located in California, Florida and Texas. Ventas said the changes are being made “to increase occupancy and performance.”
“Each of the managers has delivered strong results in previously executed senior housing transitions with Ventas,” the REIT said in a press release.
Discovery Senior Living will take over management of five communities in California; Priority Life Care, eight communities in Florida; and Sodalis Senior Living, 13 communities in Texas.
“These regional operators have demonstrated strong performance, robust sales,” Chief Investment Officer and Executive Vice President of Senior Housing J. Justin Hutchens said on an early August earnings call. “We have the playbook, we are executing, and we expect to continue to drive performance across our broader [senior housing operating portfolio].”
Ventas said it expects the new operators to be in place at most of the communities on or around Sept. 1, with the balance expected to transition early in the fourth quarter. Atria has agreed to facilitate an orderly transition to the managers, which currently is underway, according to the REIT.
Hutchens previously called the results for the second quarter in Ventas’ Holiday by Atria independent living portfolio “disappointing.”
