In the Fall of 2012, Senior Living Management, LLC was organized. Senior Consulting, LLC, as Senior Living Developer, conducted preliminary analysis on what state in the northeast may present the best opportunity for development of a cluster of 4-5 Assisted Living and Memory Care Facilities. After careful consideration, Senior Consulting decided that New York State, north of New York City but excluding competitive and growing markets in Buffalo, Syracuse, and Rochester, would present solid opportunities with an approach utilized previously. We began looking at 57 counties and quickly narrowed that to 21 counties where there were reasonable population centers with good numbers of income- and age-eligible residents. We then conducted full market studies in those 21 counties and, in some cases, more than one study in a county, depending on the area of the county or an available property. Five markets had a very strong need for both Assisted Living and Memory Care.
Thereafter, we identified ideal properties, proceeded to establish 3 local partnerships on the 4 projects, and then proceed with entitlements. Currently, two of the four sites have use approvals and are moving forward with final Site Plan approvals while the others are obtaining further entitlements.
Currently, we are considering the best access strategy, i.e., funding, partnerships, and/or possibly a sale of three of the four sites (the fourth has Independent Living and higher-income demographics and cost than in Westchester County).
By looking at many markets and then developing an approach where we can deliver three projects, we create economies of scale that benefit operators and capital partners alike.