Atria Acquires 21 Independent Living Communities
The leading senior living operator has expanded the Atria brand by adding New Senior Investment Group's portfolio of communities, concentrated in the Northeast, Midwest, and Pacific Coast.
Atria Senior Living, a leading operator of independent and assisted living communities across the United States and Canada, has announced the expansion of its presence in the US by assuming management of 21 Independent Living communities that are owned by New Senior Investment Group Inc. ("New Senior,"NYSE: SNR), a publicly-traded real estate investment trust with a diversified portfolio of senior housing properties.
Atria will manage these new communities through its Atria Retirement brand, which will continue to be led by its president, Kristy Grange. Through the leadership of Kristy and her team, the company has built its successful Atria Retirement brand starting with the Atria Retirement Canada portfolio in 2014. The move underscores Atria's commitment to continue to grow in the moderately priced senior living segment as the company enters what it considers the "Seniors Decade" of the 2020s.
"We are excited to take what Kristy and her team have done with Atria Retirement and apply their successful management model to a broader portfolio, as we work to grow each of our key brand segments. In many ways, Atria Retirement is at the leading edge of our future," John Moore, Atria Chairman and CEO said.
Moore added, "I also couldn't be more excited to start this relationship with New Senior. President and Chief Executive Officer Susan Givens and her team are great to work with. Together we've worked hard to design a management contract that features true alignment. Our management arrangement creates a partnership that is well-positioned to drive value for both New Senior and Atria stakeholders alike."
"Atria Senior Living is one of the most well-respected operators in the business and has a proven track record of driving strong occupancy and financial performance at communities similar to those in our transition portfolio. We have worked collaboratively with the Atria team to ensure meaningful alignment between our companies, and we look forward to beginning this new strategic partnership and finding ways to build upon it as we move forward," said Susan Givens, President and Chief Executive Officer of New Senior.
Atria Retirement President Kristy Grange said, "Our team is excited and prepared to apply the things that we've learned and to continue growing our platform. These communities have been well-managed by Holiday Retirement and have the timeless, resident-centric design heritage of William Colson. That history, combined with redevelopment and capital projects, will help independent seniors live their best lives both in the current environment and as we move forward into the future," she said.
In addition to operating the 21 communities for New Senior, Atria expects to also carry out capital management, development and redevelopment services. Transition of the communities to Atria Retirement is expected to be complete in April.
Moore said the transaction is a major step for Atria in augmenting its robust, segmented senior living management business. Atria Retirement, a lower price point independent living product, complements the rest of Atria's portfolio which includes the brands of Atria®, Atria Signature, Atria Park® and its new lower price point assisted living brand, Gladwell™. A new luxury brand is also coming soon through Atria's joint venture with the Related Companies.
Atria is also moving beyond management and development services in senior housing through its recently launched software subsidiary, which offers best-in-class, end-to-end community management applications to other owners and providers under the Glennis® brand.