Erickson Living on Friday announced a joint venture with National Senior Campuses (NSC) to develop and manage new continuing care retirement communities (CCRCs) across the country.
The announcement deepens the longstanding relationship between the two firms. NSC is the largest nonprofit senior living organization on the 2020 LeadingAge/Ziegler 200 list of nonprofit operators. It has a portfolio of 16 large-scale continuing care retirement communities (CCRC) in nine states, which it governs in a business relationship with Erickson, a developer and operator based in Catonsville, Maryland. Erickson is ranked sixth on industry association Argentum’s 2020 list of the nation’s largest senior living providers.
Erickson is known for expansive CCRCs, and the organization’s portfolio includes 19 communities totaling more than 21,000 units in Colorado, Florida, Kansas, New Jersey, Maryland, Virginia, Pennsylvania, Texas, Massachusetts, Michigan and North Carolina. The operator also has two campuses under development in Virginia: Avery Point, a $300 million CCRC in Shore Pump, Virginia; and Erickson at Braddock in Fairfax County.
NSC last year named Ben Beardsley as its first-ever CEO. With a deep background in long-term care, his immediate priorities included strengthening NSC’s relationship with Erickson and to develop new strategies to address pressures, changes and growth within the senior living industry.
Two key challenges Beardsley identified were labor pressures and affordability for future residents entering the senior living space. On the latter, he told Senior Housing News last year that NSC and Erickson were exploring alternative and hybrid structures to its existing entrance fee CCRC model, to help future residents preserve their nest eggs as their acuities progress along the care continuum.
Under the terms of the JV, future CCRCs will be developed and managed by Erickson Living, while NSC will provide oversight to ensure that the organization’s mission is carried out, according to the Friday announcement.
Erickson did not share further details of the joint venture’s plans with SHN, but CEO R. Alan Butler said the combination of Erickson’s development and management expertise, along with NSC’s nonprofit CCRC experience, is a solid foundation for future growth.
“At such an important time in the senior housing industry, we are keenly aware of the importance of providing the highest standard of services and care,” he said in a statement provided to SHN. “Building on our long-standing relationship with NSC not only further positions us to meet the growing demand for senior housing and high-quality health care services, but also standout in the marketplace with a distinct product offering and culture of engagement where residents thrive.”