After a nearly-two year freeze on development due to the pandemic, SilverPoint Senior Living is primed for more growth on that front.
The Texas-based company has a goal of operating “20 to 30” new senior living communities in the decade ahead, according to CEO Shawn Corzine. SilverPoint is currently growing with Dallas-based investment and development company and business partner Journey Capital, with a forthcoming community in Texas exemplifying the companies’ plans together.
SilverPoint currently operates seven independent living, assisted living and memory care communities across Texas and Oklahoma with plans for an additional third-party management agreement expected in the near future.
The pandemic put the brakes on any new development as banks halted lending two years ago, Corzine said. At the time, the company had “several” communities lined up with financing “ready to go.”
“We had big plans before the pandemic,” Corzine said, adding that the company had postponed many of those plans.
Two years and change later, SilverPoint is back to growth through development. Specifically, Corzine pointed to the Edition Senior Living community , coming together with Journey in Saginaw, Texas, as a “prototype for the company’s growth plans.”
As planned, the community will have 93 senior living units, with independent living cottages currently open and leasing up; along with an addition to assisted living that broke ground in January, and memory care residences. The community represents the fourth project as part of the partnership between SilverPoint and Journey.
“We wanted something we could work with based off of the Saginaw property where we could tweak the plans and replicate them in a different market,” Corzine said. “We really believe that if we can find the right markets, and get there first and lock them down, and begin developing there, that will really secure a good future for those communities.”
Though it is a relatively new entrant in the senior housing space, Journey Capital is no stranger to senior living and hospitality. The company first partnered with SilverPoint in 2020, when it acquired a stake in the company to expand its operating platform.
If all goes according to plan, workers will begin constructing the community in Saginaw by year’s end. The newest project is underscored by the fact that SilverPoint’s occupancy rate and margins have steadily improved since its pandemic low point.
Looking ahead, Corzine said the company may undertake a new project as often as every “four to five months,” Corzine said. That pace would likely result in the company opening three communities per year through new development, not counting the company’s acquisition plans.
“I think we will continue to look at acquisitions together, if there’s good opportunities, but then also really focusing on getting some of these new developments up and going,” Corzine said.
Like most senior living operators in 2022, SilverPoint is facing a tight labor market and staffing retention and recruitment issues.
“I think we need to find new ways to engage with our residents to really enhance their lives, beyond just entertaining them, but giving them a sense of purpose,” Corzine said.
Part of the solution to those woes, Corzine said, is to make connections with younger local workers who might be looking to enter the senior living space.
“We look forward to not only serving the seniors of the Northwest Fort Worth area but also creating fulfilling job opportunities for the people of the community as well,” Corzine said.