Northbridge Communities is executing on its progress plans and solidifying its presence within the New England area by the acquisition of 4 communities in Maine and Connecticut.
The introduced acquisitions additionally marks a return to Connecticut for the corporate, in line with Wendy Nowokunski, president and co-founder of Northbridge Communities. Mixed, the acquisitions add a further 339 items of assisted dwelling and reminiscence care to the corporate’s portfolio. The corporate now has 22 communities in its portfolio.
Jim Coughlin, Northbridge Communities CEO, informed Senior Housing Information the corporate beforehand had a neighborhood it owned and operated in Connecticut that was bought mid-Covid pandemic and bought to an institutional purchaser as soon as it was stabilized.
“We’ve labored on this area for over 30 years,” Nowokunski informed Senior Housing Information. “We’re large believers that it is a very native enterprise, and due to this fact we made a dedication to ourselves that we weren’t going to develop exterior of the New England area.”
Northbridge is bringing its signature programming to the brand new communities to “take them to the subsequent stage,” akin to its “Eat Contemporary, Eat Native” culinary program and specialty reminiscence care programming and coaching, Nowokunksi mentioned.
Northbridge will within the meantime give attention to extra acquisitions, together with reasonably priced communities. The corporate is within the early levels of improvement for a reminiscence care constructing in Milton, Massachusetts, following a three-and-a-half yr allowing course of in a collaborative effort with the Beth Israel Lahey Well being Care community.
Whereas improvement has slowed throughout the senior dwelling trade with challenges associated to the price and availability, Nowokunski mentioned she hopes the pendulum will swing the opposite means throughout the subsequent three years because the child boomers transfer in.
“Proper now, there’s acquisition alternatives as a result of you should buy property for lower than you possibly can construct, however that can change,” Nowokunski mentioned. “From our perspective, we are going to in all probability proceed our progress plans as we now have, which is … just about 60% improvement, 40% acquisition.”
Over the next yr, Northbridge has constructed up a “candidate pipeline” of latest alternatives, with Nowokunski noting the applicant pool has doubled if not tripled in measurement and retention has improved by revamped coaching packages for certifying nursing aids, stronger orientation for brand new hires and hiring for ardour moderately than senior dwelling data and ability.
The method has “actually benefited” Northbridge and resulted in “an enormous uptake in candidates and retention,” Nowokunski mentioned.
Wanting ahead, Northbridge will proceed to judge alternatives throughout the area, with Coughlin noting Connecticut is a state that’s all the time being assessed.
