Seniors Housing Business

AUG-SEP 2018

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

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64 Seniors Housing Business n August-September 2018 By Jeff Shaw Jim King started building seniors housing properties in the early 1990s for the same rea- son that led many other developers to enter the sector at that time: He saw the lack of options for his aging parents. One of the early lead- ers of HHHunt, King retired in 2013. He led the residential real estate company's first foray into seniors housing in 1991. (That community, Spring Arbor of Thomasville in Thomasville, North Caro- lina, offers assisted liv- ing and memory care and is still in the company's portfolio.) "Jim had a passion for that line of business," says Richard Williams, senior vice president of HHHunt Senior Living, headquartered in Blacksburg, Virginia. "His parents were aging, and he got to understand some of their needs and became passionate about providing care and housing for seniors." Harry H. Hunt III (for whom the company is named) launched HHHunt in 1966 as a multi- family developer serving the Southeast with an emphasis on student housing. Over the years, the company expanded into traditional apart- ments, single-family homes, master-planned communities, golf clubs and senior living, all while keeping its regional focus. A self-storage division was added this year. The strength of HHHunt is its multiple divi- sions, says Greg Fox, the company's senior living director of operations. The different business lines can support each other, and diversification helps the company survive real estate downturns. For example, seniors hous- ing fared comparatively well during the Great Recession, when HHHunt's single-family homes division was struggling. "It's nice to have that diversity that weath- ers those landscapes of commercial real estate," says Fox. "We've made a real effort to make sure each division is not siloed; we're synergis- tically helping each other." Building a brand In the 27 years since Spring Arbor of Thom- asville was completed, HHHunt Senior Living has built 33 seniors housing communities. With the exception of one value-add acquisition, HHHunt has developed all of its seniors hous- ing properties. Later, the company decided to narrow the geographic scope, selling off its properties in South Carolina and Tennessee. Its portfolio now comprises 21 Spring Arbor-branded communi- ties totaling 1,262 units and 1,600 beds in Vir- ginia, North Carolina and Maryland. Five more are under development, which will add an addi- tional 415 beds. Spring Arbor communities exclusively offer assisted living and memory care, although Williams is "not opposed" to expanding into independent living in the future. Rents start at around $3,500 per month. A typical Spring Arbor building is approx- imately 80,000 square feet, 100 beds and one story. Programming is focused on wellness, often through partnerships with local provid- ers such as physical therapists. A good well- HHHunt Leverages History, Diversification n Company Profile Veteran residential developer and builder brings variety of experience to seniors housing portfolio. A resident at Spring Arbor of Fredericksburg, Virginia, enjoys a game of miniature golf at the community. HHHunt offers a variety of indoor and outdoor amenities and programming to support healthy lifestyles and engage with residents. Spring Arbor of Olney, shown here in a rendering, is scheduled for completion in 2020. The community is located in Olney, Maryland, and will have capacity for 125 assisted living and memory care residents. Fast facts Company Name: HHHunt Founded: 1966 Headquarters: Blacksburg, Va. Seniors Portfolio: 21 communities, 1,262 units Locations: Virginia, North Carolina, Maryland Focus: Assisted Living, Memory Care

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