Sinceri Senior Dwelling has exploded with progress within the final 5 years, going from 37 communities in 2020 to 138 immediately.
The Vancouver, Washington-based operator has hit the accelerator on growth by way of third get together administration contracts, with plans to proceed rising trying forward. Earlier this month, took an extra 38 communities into its portfolio after Diversified Healthcare Belief (Nasdaq: DHC) transitioned 116 communities previously managed by AlerisLife.
To assist put together for continued progress, the corporate bolstered its management groups in April with a flurry of promotions.
“We’ve been setting the stage for progress,” Belford informed Senior Housing Information. “The promotions themselves acknowledged our expertise and received them in a greater place for the expansion we envision for ourselves.”
Whereas the objective isn’t to develop as giant as the present largest senior dwelling operator within the U.S., Brookdale, Belford envisions extra progress forward offered it doesn’t stretch the corporate’s employees and operations groups too skinny. Though newly onboarded communities normally deliver the common down, Sinceri has notched an 85% common occupancy throughout its portfolio this yr.
Alongside administration contracts, the operator is buying extra property “the place it is sensible,” in keeping with Belford. Sinceri owns and operates round 1 / 4 of its complete portfolio. In 2026, the primary child boomers start turning 80, and Belford believes that demand will propel the corporate to even higher operational outcomes forward.
“We see the roadway forward of us as actually rosy,” Belford mentioned. “We’re simply going to be an organization that appears on the alternative and flexes the place we have to in an effort to proceed the success we’ve had.”
Specializing in progress
Alongside working with actual property funding trusts (REITs) like Diversified Healthcare Belief, Sinceri is a “massive participant” with Ventas (NYSE: VTR). In mid-2024, it took on seven properties the REIT had acquired.
Sinceri’s progress with the Chicago-based REIT stems from sharing mutual pursuits in “creating worth,” Belford mentioned.
“With the growth that we’ve had, we’ve been in a position to make investments again into the working platform,” he mentioned.
Belford is stewarding worth creation at Sinceri by way of expanded resident engagement, corresponding to a partnership with senior dwelling software program platform LifeLoop to extend communication efforts and enhance the corporate’s culinary packages.
Sinceri is increasing inside its present footprint of 26 states, primarily by way of new administration alternatives. However Belford famous the corporate can even proceed to accumulate communities the place it is sensible to take action.
“I can’t say that we’d not take a look at Hawaii, for instance. If there’s one other state on the market that is a chance for us, we’ll actually take a look at that,” he mentioned.
Because it grows, Sinceri is also leaning on its bigger companions like Entry Industries, a New York-based funding agency that in 2019 purchased a majority stake in JEA Senior Dwelling, the operator that later rebranded as Sinceri. The 2 corporations are chasing offers the place Sinceri can personal a portion of the true property.
In 2025, senior dwelling buyers are extra picky about the place they put their {dollars}, with many choosing smaller offers than in years previous. Some are opting to create value-add portfolios in piecemeal by choosing off single communities or buying smaller portfolios. And certainly, Belford mentioned Sinceri has its collective eye on smaller portfolios, particularly communities with bigger buildings and a number of service traces.
“We’re not going to restrict ourselves, however actually we’re going to sort of sit again with what we’ve proper from time to time simply proceed to search for alternatives,” Belford mentioned.
Large, however not too massive
Senior dwelling operators should steadiness scale with high quality of providers in the event that they wish to achieve success. Rising too giant, too shortly has sunk senior dwelling corporations up to now.
Belford mentioned he’s well-aware of the dangers of spreading operations too skinny whereas dropping connections with residents on the community-level.
“Once you’re too massive and also you’re not recognizing that you simply’re not creating that worth that you simply see, then you definitely’re too massive,” he mentioned.
To assist keep the standard of its communities, the corporate has shifted to selling resident engagement and increase its employees tradition to cut back turnover charges amongst employees. Because of this, Sinceri has decreased turnover to its lowest stage for the reason that Covid-19 pandemic started in 2020, Belford mentioned.
Sinceri achieved that lower by making a extra collaborative working surroundings, apply known as “collaborative crew administration,” the place “all people owns the enterprise collectively,” resulting in discovering options to issues that come up collectively, in keeping with Belford.
Sinceri bumped into obstacles implementing the apply together with the truth that some crew members have been reluctant to share dissenting opinions and would usually defer their opinion to that of regional management. The consequence was missed warning indicators and dear errors, Belford mentioned.
To beat this, the corporate applied weekly or bi-weekly requires high-risk communities when wanted, formalized agendas and speaking factors and clearer standards for resident threat and subsequent steps. The modifications resulted in improved collaboration throughout regional and neighborhood groups, diminished move-outs and created “an surroundings the place crew members felt secure to problem assumptions,” Belford mentioned.
He added: “When our crew members really feel heard, and we assist discover options for them, I feel they really feel valued and wish to proceed to work with us.”
Trying to the approaching years, Belford mentioned the street forward seems rosy with the approaching demand and the bettering relationships with possession teams.
“The basics of senior housing are trying actually good, and we’re simply going to be an organization that appears on the alternative flexes the place we have to in an effort to proceed the success we’ve had,” Belford mentioned. “I feel senior housing is in a very great place proper now.”
