Tutera Senior Living and Health Care is expanding its senior living footprint through acquisitions, including by picking up a 10-property portfolio previously operated by Enlivant.
On Thursday, Tutera announced the company recently added the 10 senior living communities in Kansas, Iowa and Nebraska to its portfolio. The communities are former properties owned by Enlivant and help grow the company’s existing market footprints across the Midwest, according to Tutera President and COO Randy Bloom.
“We are beefing up our senior living operations, there’s no question about it,” Bloom told Senior Housing News. “We are identifying subject matter experts within our organization and seeking to attract experts from outside to prepare ourselves for expansion in this area.”
Tutera is well-versed in skilled nursing with a a 40-year-plus history of post-acute and senior care. But spurred on by market trends, Tutera has spent recent years building out its senior living portfolio. With the acquisition of the former Enlivant communities, the new growth is aimed at helping Tutera expand on the rising demand seen across the industry.
“We do feel that we have an opportunity to continue to grow our resources in the area of senior living because we do see that as a future growth opportunity,” Bloom added.
The recent 10-community expansion grow’s Tutera’s senior living portfolio by more than 20%, and the company is seeking further acquisitions throughout the Midwest. The newly-managed communities are made up of 443 AL, memory care and residential care units with an average of 44 living units per site.
Overall, Tutera’s growth strategy is centered on building out operations clusters in markets across the country.
“We’re near these markets and we have resources,” Bloom said. “This is about increasing revenue, so our focus is to get extremely familiar with the markets.”
Tutera is also retaining all employees at the newly-added communities to ensure continuity of care for residents, and Bloom said there had been “virtually no turnover” in the transition.
That gets towards helping alleviate some of the persistent staffing challenges operators have dealt with in recent years, and this year has been no exception, Bloom said. With staffing top of mind, Bloom said he believes contract agency labor, in some form, is “here to stay” in senior living.
“We will layer in components of our marketing and sales systems and processes and that will occur in waves,” Bloom added. “We will layer important fundamental, foundational things and we will continue to do that as we move forward.”
With Tutera’s experience in the post-acute space and its senior living component growing, Bloom said he believes the company’s track record would lend to Tutera being an “attractive, stable and reliable” company to move forward with on a transaction should the right opportunity emerge.
“We can choose deals that make sense to us based on physical location, availability of resources and the deal structure itself because we have that flexibility and experience,” Bloom said.