Seniors Housing Business

FEB-MAR 2018

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

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32 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2018 good." In other words, it's pos- sible to have a financially reward- ing career and still have a positive impact on the lives of others. Belmont Village currently owns and operates 29 properties. "My mother built something com- pletely on her own," says Aron. "I'm so proud of her." Ingenuity in demand Next-gen leaders will have to figure out a way to build a more affordable assisted living prod- uct to accommodate aging Baby Boomers in the years ahead, says Aron. "It will be a difficult puz- zle to solve." Baby Boomers will want some- thing different from seniors housing, adds Aron. Boom- ers will demand buildings with more technol- ogy, and will prefer infill loca- tions that are walkable. They will want con- venient access to restaurants, e n t e r t a i n m e n t and shops. The next generation of senior living residents will want more hos- pitality options too. "They won't want to be shuffled to the dining room every night at five-thirty," says Aron. Industry vet- eran John Rijos, managing part- ner of Chicago Pacific Found- ers, agrees that the senior living customer will change drasti- cally over the next 10 years. Baby boom- ers will want opportunities to continue learn- ing and to volunteer. "They will not be satisfied with three meals a day and a bed. They will want hospitality and excel- lence," says Rijos, who has two sons, one active in the industry and another in college. "The next generation of industry leaders must also create environments that offer care coordination," he adds. Rijos left Brookdale Senior Liv- ing four years ago and taught a course on seniors housing at Cor- nell University, where he attended college. He started Chicago Pacific Founders three years ago to invest in seniors housing and now owns 34 properties and manages 20 others. Like his father John, Taylor Rijos attended Cornell's School of Hotel Administration. He recently joined the private equity firm Kayne Anderson Capital Advisors as the vice president of seniors housing and is based in the firm's office in Boca Raton, Fla. Taylor previously worked as an analyst for the big healthcare REIT Welltower in its Los Angeles office. John's other son, Parker, is currently earning a business degree in hospitality at Michigan State University. John's sons worked at Brookdale in high school during summer breaks. Taylor learned about operations, which showed him that the care component will continue to be an important part of senior living as baby boomers reach the age where they need more services. But Taylor is quick to note that a focus on hospitality and best-in- class building amenities will be the differentiators for successful senior living companies in the future. Digital natives Technology will also be key to success, next-gen leaders say. Having grown up with all kinds of technology, they're focused on how to use it to improve services and reduce costs. And they're not intimidated by it. Adam Will, son of Patricia Will, joined Belmont Village four years ago. He is the company's director of communications. "Everything has to be wired," he says, refer- ring to building design. Today's residents are more "digital savvy," and Baby Boomers will expect a state-of-the-art experience, he adds. Battle-tested parents act as sounding board Ask the next generation of senior living leaders what they like about having a parent in the industry and the response is nearly universal: "free advice." Young professionals like the fact that they can pick up the phone and get some well-seasoned opinions from their experienced parents. "We strategize," says Andrew Katzmann, finan- cial analyst at healthcare real estate investment trust LTC Properties based in Westlake Village, Calif. Andrew is the son of Lynne Katzmann, founder and president of Juniper Companies, a New Jersey- based owner and operator of senior living and care properties. "I have her on speed dial." He notes that his mom has 30 years of experience in seniors housing. "She's an incredible resource," he says. The other next-gen kids in the seniors housing industry agree with him about their own parents. "It's amazing to have my dad in the industry and get to see him at industry conferences," says Taylor Rijos, vice president of seniors housing at private equity firm Kayne Anderson Capital Advisors, who operates out of the firm's office in Boca Raton, Fla. "I can call him up and gut check my thinking." Parents seem just as pleased to have their kids in the business. "There's no better feeling," says John Rijos, Tay- lor's father and managing partner of Chicago Pacific Founders, an owner and operator of senior living properties. "Taylor calls me every day and we talk about different things that come up. He's now more like an associate. It's one of greatest riches I've had in life." Patricia Will, founder and CEO of Houston-based Belmont Village Senior Living, has two sons in the industry. "It's fun to be at an industry conference and be recognized as Aron's mother," says Patricia, whose son Aron Will is vice chairman and co-head of National Senior Housing Debt & Structured Finance for CBRE Capital Markets. He is based in Houston. On visits to Belmont buildings, Patricia is often referred to as "Adam's mother." Adam Will is Bel- mont's communications manager in charge of video production, advertising, web development and brand creation. Families are careful to draw lines so conflicts of interest don't emerge. Parents and kids don't talk about individual deals. Business discussions are mostly big-picture exchanges. Patricia Will wouldn't want an adult child work- ing directly for her. Although her son Adam works at the company, he doesn't report to her and he went through the job application process just like anyone else. Before joining Belmont, he had years of experi- ence at major media companies, including MTV. Bradley Kraus was named president and chief operating officer of Denver-based Spectrum Retire- ment Communities in February 2017. His father, Jeffrey Kraus, is managing director of the company, which he co-founded with John Sevo. The company owns and operates 37 buildings, mostly assisted liv- ing and independent living facilities. Another 15 buildings are now under development. Jeffrey's other son, Grant Kraus, also works at Spectrum on the real estate side. Both sons held executive positions at other companies before join- ing Spectrum. "They have to earn the job," says Jeffrey. He adds that it's a big plus to have sons in the business that he can trust. "We didn't know how this would work out. It was a bit scary, but it's been amazing," says Bradley. Giancarlo Riso, an associate at Blueprint Health- care Real Estate Advisors, a Chicago-based broker- age firm, was careful not to talk about individual deals with his father, Torey Riso. Until recently, Torey was president and CEO of Care Investment Trust, a healthcare real estate investment company that was recently sold. "My dad was on the buy side and I could not share the confidential nature of deals with him," says Giancarlo. Their relationship is changing, however. In early December, Torey Riso was named CEO of Blueprint, though Giancarlo will not report directly to his father. Torey's other son Fabio Riso, now in college, has also worked as an intern at Blueprint. "It's a great industry," says Torey, noting that it's becoming easier to recruit talented young people to seniors housing, which doesn't seem exciting at first blush, but offers a great deal of opportunity. "Young people are saying this is not a sleepy industry, but one of the better places to be." — Jane Adler Torey Riso Blueprint Taylor Rijos Kayne Anderson Giancarlo Riso Blueprint John Rijos Chicago Pacific Founders

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