Operator WellAge Senior Living is set to expand as part of a new merger between its sister company Vivage Senior Living; and primarily skilled nursing operator Beecan Health Colorado.
The deal linking Vivage and Beecan is bringing together 42 communities; five of which are assisted living communities. WellAge is slated to manage those five communities and take on another set to become AL soon.
While the new company is bigger on the skilled nursing side, Vivage CEO Jay Moskowitz said he plans to bolster its senior living portfolio over the next decade given looming demographic trends.
“Our goal has always been to add two or three communities a year,” Moskowitz said. “By 2024 or 2025, we’d like to be in the area of 15 communities.”
On top of its physical footprint at its senior living communities, Vivage also operates a senior living consultancy for struggling communities in need of turnaround services.
WellAge is currently considering adding an additional four properties to its senior living portfolio, Moskowitz said.
This all plays into an effort of Vivage to create a continuum of care, Moskowitz noted.
“We have to be independent living, assisted living and memory care because that’s where the clients go before they come to long-term care,” Moskowitz added. “Our focus at Wellage is growing our communities and looking into more properties.”
Since September, occupancy has jumped 15% into the high 80th and 90th percentile, Moskowitz said.
With the skilled presence of the Beecan properties within Colorado, Vivage will seek out senior living opportunities in Colorado secondary markets, Moskowitz said. That’s due to the competition in saturated primary markets like Denver, Colorado.
“We’ll continue to be bullish in markets we’re looking at,” Moskowitz said. “We’re not competing with some of the larger, national chains.”
And due to Beecan’s resources, Vivage can seek out new opportunities previously unattainable for the company.
“It’s a market we feel very strongly about and that we really want to invest heavily in that part of the business,” he added in regards to the WellAge division of Vivage. “This will give us the resources and technology partnerships we need to really grow that division and they are supporting growing that area.”