Daniel Baty’s Columbia Pacific Management (CPM) has entered a new senior housing market: India. And it plans to make a major splash there.
The Seattle-based health care operating company recently announced it has acquired Serene Senior Care for an undisclosed sum. Serene currently operates four senior housing communities in South India. If all goes to plan, Serene’s reach will soon be much greater.
That’s because CPM has “aggressive expansion plans,” the company said in a press release.
Right now, Serene has 735 residential units nationwide. By fall 2017, CPM plans for Serene to operate at least 1,700 units; within five years, the plan is to have at least 5,000 units under management.
CPM’s anticipated expansion in India over the next five years represents $250 million in sales of senior living apartments, houses or villas, a company spokesperson told Senior Housing News.
India is projected to be the most populous nation in the world within 10 years, and it has a fast-growing population of seniors, according to WellnessIndia.com.
Most of these units will fall under an “independent living sale model,” Development Director Matthew Powell told SHN. This means residents will purchase their units, as opposed to renting them.
“We feel that that is the best model currently in India, and that will be our focus going forward with new projects,” Powell said.
The first two new senior housing communities CPM plans to build will be in Bangalore, India.
India is not entirely new territory for CPM, as the firm has operated hospitals in the country for about 10 years.
The firm is actively looking to expand into senior living elsewhere, including in Southeast Asia, Powell said.
“We’re very interested in expanding into senior housing where we have our hospital network,” he explained.
Daniel Baty co-founded Emeritus Senior Living and stayed with the provider until it merged with Brookdale Senior Living (NYSE: BKD) in 2014.
In October 2016, CPM entered into a joint venture to build senior living projects throughout China.
Written by Mary Kate Nelson