CRL Senior Living Communities recently completed the construction of its second Illinois location, and plans to continue its expansion into the Chicago area, reports REJournals.com.
The company’s CEO, Ari Weinberger, is the majority shareholder along with chairman Douglas Cameron, and the duo is looking toward senior housing acquisitions rather than construction when it comes to assisted and independent living facilities.
“We are looking to grow in the assisted and independent market, but we are not willing to build,” says Weinberger in the REJournals article. “We will acquire and reshape underperforming properties, but that is still a tough environment. Sellers and buyers are not always in agreement today.”
Although the poor housing market is hampering the ability of seniors to sell their homes in order to enter assisted or independent living facilities, there is growing demand for need-driven facilities, says REJournals. Weinberger sees profitability in memory care, especially with the nation’s aging population.
“People over the age of 80 have a more than 50% chance of having memory issues,” says Weinberger in the article.
The firm recently completed construction on North Grove Manor Alzheimer’s/Memory Care and Assisted Living, a $20 million, 112-bed facility in Morton Grove, and is also currently in the pre-construction phase of a similar project in Highland Park. Additionally, it has acquired properties in Naperville and Palatine for future memory care centers, and already operates 16 assisted and independent living facilities in the Midwest.
Read the full article here.
Written by Alyssa Gerace