Scottsdale, Arizona-based Cadence Living has taken over operations for a seven-property, 402-unit senior living portfolio in North Carolina owned by Griffin-American Healthcare REIT III.
The assisted living and memory care portfolio was previously operated by Raleigh, North Carolina-based Carillon Assisted Living.
Carillon also recently exited a nine-property portfolio owned by Chicago-based real estate investment trust Ventas (NYSE: VTR). Lake Oswego, Oregon-based Eclipse Senior Living has taken over management of those communities.
Carillon CEO Karen Moriarty did not respond to a request for comment for this article. Carillon is focused on ground-up development going forward, she previously told SHN.
“Our REIT partners, most of whom have been with us for the better part of a decade, have afforded us a unique opportunity to exit the operation of those portfolios and drive a brand new generation of development at the company, both in the traditional assisted living space and beyond,” she said in an emailed statement. “The team is fully energized and engaged in the design of our new senior living offerings, which will start with the opening of our next community this spring.”
The Griffin-American portfolio consists of relatively new buildings, most of which opened within the last five years, Cadence Principal Rob Leinbach told Senior Housing News.
“Cadence is going to be focused on lease-up of the portfolio, and in order to improve lease-ups, we’re going to be investing substantially in the employees and the resident experience,” he said.
Leinbach declined to share specific occupancy figures.
The communities are located in Wake Forest, North Raleigh, Garner, Clemmons, Mooresville, Huntersville and Mint Hill. These are Cadence’s first communities in the Tarheel State.
The company has hired Heather Thomas as Vice President of Operations – North Carolina to help lead this part of Cadence’s portfolio. Thomas previously was an executive director with Chicago-based Senior Lifestyle Corp. and also has held positions with PointClickCare, Senior Life Concepts and Waltonwood at Cherry Hill.
Cadence has been growing at a steady clip since its founding in 2016. The company’s operating portfolio is up to 17 communities with four under development. The communities are located in Arizona, California, Colorado, Georgia, North Carolina and Tennessee.
Cadence is pursuing a footprint in the “smile states” stretching from Seattle down the West Coast, across the southern border states and then up the East Coast to Washington, D.C.
Cadence also has a community in Denver, which the company jokingly refers to as the “nose” of the smile, Leinbach said.
A goal for 2020 is to extend the smile with communities in the Pacific Northwest and further up the East Coast, he noted.
The North Carolina portfolio is a pure management arrangement with Griffin-American, but Cadence does have ownership in other properties that it operates.
Most recently, Cadence partnered with Irvine, California-based Sabra Health Care REIT (Nasdaq: SBRA) to acquire a unique memory care community in Poway, California. Cadence at Poway Gardens is located on 32 acres and features a horticulture therapy program that produces 20,000 pounds of organic fruits and vegetables each year.
Cadence also recently named its first COO, Susie Stangroom. She had served as VP of operations for the company’s western region since 2017, and previously held operations positions with Westmont Living, Atria Senior Living and Episcopal Senior Communities.