Pegasus Senior Dwelling is now managing a portfolio of eight senior dwelling communities in Texas and New Mexico beforehand operated by LifeWell Senior Dwelling.
The portfolio consists of 652 assisted dwelling and reminiscence care models and represents LifeWell’s Legacy-branded portfolio, Hollister stated. The transition is ready to take impact Sept. 1, in keeping with a press launch.
With the transfer, Pegasus Senior Dwelling now operates 43 senior dwelling communities in 13 states.
Pegasus Senior Dwelling CEO Chris Hollifield stated the expansion in Texas is partly aimed toward interesting to well being care suppliers reminiscent of hospital methods, rehab, hospices and built-in care organizations.
Hollister added the communities in query have “good bones” and match into Pegasus’ strategic plans to develop general.
LifeWell nonetheless operates lively grownup communities after the transfer, Hollister stated.
A small group of traders based in Houston, Texas, owns the communities, and Pinpoint Industrial was the developer.
The management staff from Pegasus is within the technique of touring the eight new communities to find out what work or upgrades they could want.Hollister stated most are “doing fairly effectively” for occupancy, and others are at present using companies for staffing options.
“We actually assume we are able to add worth to the LifeWell communities with this method of eliminating company,” he stated. “Company and occupancy … are by far the 2 greatest alternatives proper now.”
Wanting forward, Hollister stated Pegasus is in search of to broaden extra within the “Lone Star State,” with extra acquisitions probably coming down the pike.
Amongst Pegasus’ targets earlier than the top of the yr is to extend common occupancy to 90%, an effort that he stated will not be full till 2025 in earnest. However given the corporate’s present monetary and operational well being, Hollister stated he believes it might probably occur.
“We’re going to have extra stability in these operations,” Hollister stated. “And with the demand and provide seesaw taking place over the subsequent couple of years, we really feel very assured about the way forward for having the ability to ramp up occupancy and keep higher margins with higher execution.”
