Seniors Housing Business

OCT-NOV 2017

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

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36 Seniors Housing Business n October-November 2017 By Jeff Shaw The executives at Caddis believe that the seniors housing industry is trailing behind other sectors in two important areas: data ana- lytics and branding. Of course, that just gives the developer a leg up in the markets where it decides to build. The Dallas-based company, which started and still specializes in the medical office sector, owns 17 Heartis-branded seniors housing com- munities totaling 1,768 units of independent living, assisted living and memory care. The existing properties are largely located in the Houston and Dallas markets, with expan- sions planned or underway in Chicago, Mil- waukee, Atlanta, Pennsylvania and Florida. Projects currently under construction include five communities totaling 720 units. "We're healthcare providers first and real estate experts second," insists Jason L. Signor, the company's CEO. "The love for the senior goes through everything in the organiza- tion, thinking of them from a care perspective and not just as providing money for our real estate." The company was formed in 2008 and entered the seniors housing industry in 2011 when an operator needed help designing and developing a new community in Murphy, Texas. Caddis completed the development in 2013 and sold it following stabilization in 2015. Despite divesting of the property, Caddis saw the value the seniors housing industry offered. Signor believed he saw a smarter, better way of developing senior living projects. "We did that project as a joint venture and found out along the way that we knew more about seniors housing than most companies thanks to our healthcare background," says Signor. "The sophistication of the operator wasn't very high on that project, so we decided to launch our own seniors housing brand — Heartis — in 2012." Since that first project, Caddis has held every development it has built "and our inten- tions are to continue to hold them for the time being," says Signor. Taking a page from hotels Heartis is a play on the idiom "home is where the heart is." Unlike most seniors hous- ing company names, though, it is not the name of the operator, but signifies that a property is owned by Caddis and meets the company's standards for quality. Third-party management agreements bring in highly vetted operators to the community, but under the Heartis brand. The same way a business traveler might know what to expect from a Hyatt hotel despite not being operated directly by Hyatt Hotels Corp., Caddis wants seniors to know what to expect from a Heartis seniors hous- ing community. In other words, Caddis pays an experienced operator to manage the property based on specifications that Caddis sets forth. "We own the operations and the real estate in the same entity," says Signor. "We're very simi- lar to a hotel model. We established a brand standard that our operators have to work under." Those standards include everything from dress code and dining to activities and care. "We're working with two operators right now and are currently interviewing others for our expansion in the East," says Katie Klein- smith, senior vice president of senior living. "Our goal is to have a strong operating team with a national or regional operator, where it can concentrate on a condensed number of Caddis Leverages Data, Branding n Company Profile Developer uses deep analytics and strong marketing to bring a new type of product to market. Caddis recently underwent a full rebranding before building out a larger office. The adjustments to the company's culture during this time increased employee retention from 67 percent to 91 percent in a three-year span. Heartis Waco in Waco, Texas, features a hospitality-like bar area where residents can relax. Fast facts Company Name: Caddis Founded: 2008 Headquarters: Dallas Portfolio: 17 properties, 1,768 units Locations: Texas, Illinois, Georgia, Wisconsin

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