Sinceri Senior Living Takes on 7 More Properties, Exceeding 80-Community Mark

Sinceri Senior Living has grown its national footprint to more than 80 communities by taking over seven communities recently acquired by Ventas (NYSE: VTR), with more expansion on the way soon.

Ventas acquired the Magnolia Springs communities for $143 million and assigned Sinceri as the operator, the Chicago-based real estate investment trust (REIT) previously noted in May.

Now under Sinceri management, the communities grow the Vancouver, Washington-based operator’s presence in the Midwest, expanding its holdings in Indiana and Ohio, while entering Kentucky for the first time. Walker & Dunlop Investment Sales facilitated the transaction.


“This is hand-in-glove for us,” Belford told SHN on Monday. “We’re getting really good at making these transitions.”

The communities include 700 units of independent living, assisted living, and memory care, Belford said. In November of 2021, Sinceri had 37 communities and has now grown to 81 senior living properties across 22 states.

On average, the communities are 10-years old and around 100 units, according to a recent Ventas business disclosure.


Belford said the properties were “pretty close” to 90% occupancy at present. He credited the previous operator, Des Moines, Iowa-based Life Care Services, for setting the communities on a path toward stabilization.

“The beauty of these assets is that they were very well-managed, and it’s our job not to mess up the transition. It took about three months to get these integrated,” Belford said.

In 2023, Sinceri reported strong occupancy gains with a 12% increase compared to 2022 amid a focus on margin recovery and positioning for future growth.

Looking ahead, Belford said Sinceri is in talks with ownership groups regarding a seven-property portfolio for management, with details of the transactions pending further due diligence.

“I expect us to be close to 90 communities before the end of the year,” Belford said.

Earlier this year, Justin Hutchens, Ventas executive vice president of senior housing and chief investment officer, highlighted Sinceri among four operating partners with “superb, all-around performance” in starting 2024.

Hutchens said the communities now managed by Sinceri offered “significant revenue growth” opportunities going forward.

“We plan to continue to execute on our growing pipeline of senior housing communities,” Hutchens said during the earnings call. “We are actively evaluating many attractive opportunities.”

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