Seizing opportunities ahead of future demographic shifts, Cascadia Healthcare is launching a senior living platform following property acquisitions from the Evangelical Lutheran Good Samaritan Society.
Eagle, Idaho-based Cascadia acquired 10 properties from Good Samaritan, which recently announced it is consolidating its operations by going from 22 states to just seven. Three of the newly acquired Cascadia properties are in Idaho, three are in Oregon, two are in Washington and one is in Montana. Good Samaritan previously leased another building in the portfolio to Cascadia between the fall of 2021 and summer of 2022.
Neither Good Sam or Cascadia disclosed the finances behind the recent transaction. All transitioning communities include skilled nursing while six have IL and AL components.
The new acquisitions will serve as a launch pad for Cascadia’s burgeoning private-pay senior living brand, Olympus Retirement Living. Heading up the new operator is Principal Tim Nelson. Nelson worked previously with the Pennant Group (NASDAQ: PNTG) and Ensign Group (NASDAQ: ENSG).
The plan, which Cascadia has honed over a period of about two years, is to amass a portfolio of IL, AL and memory care communities, according to Cascadia Director of Corporate Affairs and General Counsel Steve LaForte.
“The initial key goals are getting the platform off the ground and doing it in a way that creates geographic synergies with the rest of our operators,” LaForte told Senior Housing News.
Cascadia’s current portfolio includes 37 buildings in Arizona, Idaho, Montana, New Mexico, Oregon and Washington, with the company’s latest acquisition adding density to Cascadia’s regional operating model.
Cascadia is assembling the platform for the same reason many senior living operators are: Because its leaders see a demographic wave just about to crest with the arrival of the baby boomers.
“The opportunity was there,” LaForte said. “It was the right time we were starting to see some complementary asset acquisitions and it all fell into place.”
Cascadia plans to retain staff at the acquired properties. The company is focusing on regional operations for now.
“One of the things that has been important to us is having talent in the buildings so we can drive culture,” LaForte said.
Meanwhile, Good Samaritans’ transition comes as CEO Nate Schema said the company’s consolidation was an opportunity to drive the reinvention of care, bringing the integrated care model “to life.”
“We see this as an opportunity to reinvest and we’re able to bring all those resources together in the community and that’s where we see our opportunity,” Schema told SHN sister publication Skilled Nursing News.