Seniors Housing Business

ASHA 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 66 of 80

AS H A 50 66 2018 ASHA 50 2018 Discovery Senior Living operates 50 communities. The company has financial partners but co-invests in all of the properties. About 60 percent of Discovery's units are designated for independent seniors. The balance of units offer assisted living and memory care. Properties owned by Discovery for more than five years have an occu- pancy rate of 95 percent. The company offers a variety of independent living products, from senior apartments with no services to full-service, resort-style proper- ties and stand-alone villas for rent or for sale. Independent living rents range from approximately $2,200 a month for senior apartments without ser- vices to as much as $5,000 a month for a unit in an upscale building with services. Developers in the most recent construction cycle have largely focused on assisted living and mem- ory care, but that's changing, says Hutchinson. "Independent living has a tremendous runway." Discovery is adding indepen- dent living units to its other existing assisted living and memory care buildings. Discovery Village at Naples has 175 units of indepen- dent living under construction. The community currently offers 120 units of assisted living, memory care and what the company calls "supervised independent living." The supervised units are larger than assisted living apartments and include more fea- tures, but are licensed to provide care. Discovery is adding 196 units of independent living to Sarasota Vil- lage at Sarasota Bay in Florida. The community already has 126 units of assisted living, memory care and supervised independent living. "We offer a holistic approach," says Hutchinson, adding that the emphasis is on an active lifestyle. Discovery puts a lifestyle spin on its service offerings. For exam- ple, "dining" is called "sensations." The transportation service is called "connections." Care is part of the lifestyle, Hutchinson adds, but he thinks some providers have overempha- sized healthcare offerings. For example, Discovery features fitness centers instead of wellness centers. The fitness center has a coach on staff, circuit training machines and a swimming pool. "We are attracting more people who are active," says Hutchinson, adding that residents are healthier at older ages than they were just several years ago. Healthcare is not an afterthought, however. Independent living resi- dents have access to home health- care through a company owned by Discovery. In markets where HEALTHCARE IS COMPLICATED. WE'RE HERE TO HELP. Our Healthcare team can bring you the right financial tools to help you navigate your business challenges. We provide solutions that matter, which are the result of industry expertise, experience and deep resources. 1 Credit approval required. 2 Some services may require credit approval. 3 Insurance available through People's United Insurance Agency, a subsidiary of People's United Bank, N.A. Insurance products are not deposits or other obligations of, and are not guaranteed by People's United Bank or its affiliates; are not insured by the FDIC, by any other government agency, or by People's United Bank or its affiliates; may involve risk, including possible loss of principal. 4 Investments and assets held in fiduciary accounts are not deposits, or other obligations, are not guaranteed by People's United Bank, N.A, are not insured by the FDIC, by any other government agency, or by People's United Bank. N.A. or any of its affiliates, and may lose value. Let's Talk. Matt Huber SVP, Market Manager, Healthcare Finance 315.692.4350 Financing 1 Treasury Management 2 Insurance 3 Wealth Management 4

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