Senior housing developer and private equity investor Capital Health Group is launching a management arm, and tapped an Atria Senior Living veteran to lead it.
Josh Krull, formerly senior vice president, operations chief of staff for Louisville, Kentucky-based Atria, was named CEO of Elegance Living, which will be based in Baltimore. Elegance Living will assume operations for Capital Health’s portfolio of 46 senior housing communities in 16 states, totaling 4,150 units. That includes new communities under construction in California, Washington and Virginia, which are slated to open later this year.
Capital Health Group, also based in Baltimore, was founded by Ken Assiran in 2006. Capital initially focused on acquiring distressed assets before adding new development opportunities.
“Josh has an impressive background in the senior housing industry, and we are ecstatic to have him on board as CEO. He’s already shown tremendous leadership through the COVID-19 pandemic, and we are excited for what the future holds for him and Elegance,” Assiran said in a statement.
Capital Health did not immediately return a request for comment from Senior Housing News Friday afternoon.
Private developers active in the senior living space are forming vertically integrated operations platforms as their portfolios grow in scale and compete with larger regional and national operators. Notably, Chicago-based CA Ventures last year launched Anthology Senior Living, which now boasts a portfolio of 18 communities under the Anthology banner. Additionally, CA Ventures launched a medical office building and life sciences segment in February, and named health care real estate veteran Russell Brenner president.
Another example of a vertically integrated firm is Chicago-based Vermilion, which launched operator Silver Birch to manage its senior housing projects.