Baltimore-based Brightview Senior Living has raised $202 million in a new fund that the company will use to develop eight or nine new senior living communities over the next three years, CEO and President Doug Dollenberg told the McKnight’s Business Daily Friday. It is the company’s eighth private investment fund.
“It has been our strategy for the last 25 years to use these private investment funds to fuel our development and our growth. This is a continuation of that strategy,” he said. “We’re thinking about growth. We’re focused on growth because we’re feeling good about the industry overall and we’re feeling good about Brightview’s brand and our positioning in the market.”
Brightview Senior Living operates 46 properties in five major submarkets: the metropolitan areas of Baltimore, Boston, New York City, Philadelphia and Washington, DC. The properties include independent living, assisted living and skilled nursing. Four additional properties are under construction using monies from the seventh fund, according to Dollenberg.
“With this growth, we’re able to provide new jobs, new opportunities for future Brightview associates, provide great high-quality healthcare for seniors and also provide attractive returns to our investors,” he said.
The first two properties to be developed under the latest fund will begin construction in the first quarter of 2023. The communities will be located in Alexandria, VA, and Holmdel, NJ, and will be in the 150-to-200 unit size range, he said.
“We’re excited that we are able with this fund to be able to continue to do great things with the Brightview brand. It all comes back for us in that we’re incredibly focused on being a great place to work for our associates and a great place to live for our residents, and our investment and investment strategy lets us continue to be a great place to work and a great place to live,” Dollenberg said. “As we grow, our growth is 100% aligned with that core philosophy.”
Recent evidence of the organization’s success in reaching its goals are its being ranked No. 1 on the Fortune magazine / Great Place to Work 2022 Best Workplaces for Aging Services list of large companies for the fourth consecutive year; being named to the Fortune / Great Place to Work Best Workplaces for Women list in 2022 for the second year in a row — the only senior living operator listed among employers included; and being named to People magazine’s 2022 Companies that Care list.
Brightview Senior Living has been around since 1995, and Dollenberg has been with the company for the past five years. He began as president and added the CEO role as part of a multiyear transition in October.
“I’m thrilled about the role, and I’m excited about the great team and the people we have here and our plans to keep growing and serving seniors with high quality senior housing,” he said.
