President of healthcare facilities at Healthcare Trust,Inc.
Healthcare Trust Inc. announced Wednesday that it has transitioned management of 20 Addington Place-branded senior living communities to Senior Lifestyle Corp. and Jaybird Senior Living, effective March 1. The communities formerly were managed most recently by St. Louis, MO-based Cedarhurst Senior Living.
In total, the public, non-traded real estate investment trust owns 54 senior living communities across 16 states predominantly in the Southeast and Midwest, with one community in California.
“I think that the COVID pandemic has had an adverse impact on all of us, both owners and operators in the senior housing space,” John Rimbach, president of healthcare facilities at HTI, told the McKnight’s Business Daily. “So, we basically made the determination that our best path forward in terms of recovering, both in terms of occupancy and then addressing some of the issues that have come out of the pandemic, namely labor shortage and increasing wage increases, that our portfolio is best positioned to move forward with Jaybird and Senior Lifestyle.”
The two management companies, which already had a relationship with HTI, were selected based on the locations of the properties and their already existing portfolios, Rimbach said. The properties, he added, “are upscale in size.”
“In terms of Senior Lifestyle, they’re probably up to 130 managed properties [overall],” Rimbach said. “They did lose a few properties under management in 2021, so they are rebuilding their portfolio. They have the platform and the resources to address our needs.”
Jaybird, Rimbach said, manages approximately 75 properties [overall].
“They had the platform in place to take on these additional engagements,” he added.
Thirteen of the 20 Addington Place communities formerly managed by Cedarhurst now will be managed by Senior Lifestyle. Those communities are located in Georgia, Michigan and Florida. Senior Lifestyle additionally operates 11 other properties for HTI.
Jaybird has picked up management of seven of the Addington Place communities, located in Illinois, Kansas and Missouri, bringing the total number of HTI-owned communities managed by Jaybird to 25.
“We come as an owner with disciplines in terms of operations, clinical, sales and marketing, and we look to align ourselves with organizations that have similar philosophy and a culture which we have embraced with, or aligned with, that is based on our background and experiences,” Rimbach said.
