Senior dwelling developer, proprietor and operator Solinity has acquired a brand new group as a part of a model launch and development technique.
The acquisition of St. Ives, a 36-apartment assisted dwelling and reminiscence care group in Johns Creek, Georgia, is the primary group within the firm’s new Hometown Dwelling model. It’s additionally the step within the Knoxville, Tennessee-based firm’s “aggressive development technique” to increase its attain across the U.S. Southeast.
The brand new model goals to fill a niche in secondary and tertiary markets and supply a “extremely expert workforce, strong administration assist and nice advertising assist” that may usually be out of the value level for smaller communities, in keeping with Solinity Founder and CEO Josh Crisp.
“In these smaller markets with decrease density of demographic, you’ve some small particular person proprietor operators which might be historically smaller communities, they usually’re actually restricted in companies and their talents,” Crisp instructed Senior Housing Information. “As our trade has grown, what has occurred is it’s develop into harder within the digital period for a small group to not solely be capable to scale their companies, however have the advertising and gross sales sophistication to teach the buyer.”
The genesis of the thought to launch the brand new model got here from how folks dwelling in small cities typically need resort-style meals and care, however don’t wish to really stay in a resort after they transfer into senior housing. However that doesn’t imply the communities could have massive placing greens or big theaters – as an alternative, Hometown Dwelling will deal with “hometown hospitality,” Crisp stated.
Solinity’s subsequent strikes embrace two extra acquisitions underway and three master-planned developments slated to be accomplished inside the subsequent seven years.
As a result of Solinity is vertically built-in with a growth firm, administration firm and a advertising arm, it might higher handle its margins with the technique, Crisp stated.
Future development for the corporate will stay largely within the southeast, significantly inside six hours of the Knoxville headquarters, the place it might extra simply deploy extra assist.
Moreover, the communities Solinity might be trying to purchase have “good reputations” and “present good ranges of service.”
“They’ve put their sweat into caring, they usually need assistance and assist,” Crisp stated. “We both come round them and permit them to develop into a part of the larger possession workforce and proceed to do what they do … or we merely purchase the properties. We’re additionally searching for alternatives which have additional land round.”
The properties Solinity is growing will embrace multi generational elements for dwelling, corresponding to workforce housing, non age-restricted housing and restricted housing for residents 55 and over with assisted dwelling and reminiscence care companies.
Future bulletins for the Hometown Dwelling model and Solinity are anticipated to happen in early 2025, with the remaining two acquisitions which might be underway anticipated to finish inside the subsequent 12 months.
