Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
Issue link: https://seniorshousingbusiness.epubxp.com/i/566450
ASHA 50 14 2015 ASHA 50 2015 By Jane Adler Seniors housing may be a relative newcomer compared with other commercial real estate asset classes, but Larry Cohen has been an active participant and staunch advocate from the industry's start. Cohen was one of a handful of business executives who, in 1991, as members of the National Multifamily Housing Council, met and decided that seniors housing needed its own working group. Its purpose would be to represent owners, operators and developers of seniors housing properties and to inform consumers, lenders and equity providers about the sector. That informal meeting effec- tively launched the American Seniors Housing Association (ASHA), which was spun off in 2001 as an independent organiza- tion. "There had been a real void of information about seniors hous- ing," recalls Cohen. At the time, Cohen already had a deep understanding of the chal- lenges facing the new organization. As a lawyer and certifed public accountant, Cohen had worked at VMS Realty, a large property syn- dicator that in 1986 developed four senior living properties. He then served as CEO of Paine Webber Properties, which sponsored two REITs that fnanced seniors housing. That stint led Cohen to his current position as CEO of Capital Senior Living Corp. (NYSE: CSU), a publicly traded company that operates 119 properties with the capacity to serve 15,200 residents. The company currently owns 69 of the properties. "I've been involved with seniors housing for nearly 30 years," says Cohen, who has stepped up his involvement in ASHA over the last fve years. He was chair of ASHA's Political Action Committee and then served as treasurer. Cohen is currently ASHA vice chairman and will become chairman in January 2016, serving a two-year term. During a recent interview, Cohen discussed plans for ASHA, the state of the seniors housing market today and what the future holds for the sector as residents require more care. Q: How do you view ASHA's role in the industry? Larry Cohen: ASHA is going through an important transi- tion. The executive committee is involved in a strategic initiative that was undertaken last year. We brought together representatives of different seniors housing organiza- tions to determine what role ASHA should play in serving the industry. As a result, ASHA has a bold new vision and will address fve key areas over the next fve years. Q: What is the frst key area? Cohen: Consumer education. We are developing a comprehen- sive program to help consumers understand what it means to age well and how senior living can help. We'll be rolling out a robust website and social media campaign in 2016 so families have better information to make meaningful decisions about how to age well. It will empower consumers to take Q&A; with Larry Cohen Incoming ASHA chair spearheads a new strategic initiative to educate consumers at a pivotal point for seniors housing as it joins the healthcare continuum. A Steady Hand at Industry Helm