For Brokers

For Brokers

A clear buy box. A fast, honest answer.

Why this page exists

We would rather give you a fast no than a slow maybe.

This page exists so that you know before you pick up the phone whether we are worth the call, and so that the deals you do send us are ones we can move on.

What we look for

What fits.

The situation
A community producing below what its market should support, where the cause is operational rather than structural. Underperformance is the signal, not a reason to pass.
A pattern we see often
Communities where Independent Living and Assisted Living perform while Memory Care runs well below them in the same building. That is one example rather than a requirement. Any of the living environments can be the one that is struggling, and repairing that section makes the whole campus more desirable.
Size and mix
Full continuum communities of roughly 100 to 200 units are the best fit. Standalone Assisted Living and Memory Care from roughly 80 units. Standalone Memory Care around 50 units, built in neighborhoods rather than as one large secured floor.
Condition
Older buildings work well where capital improvement is part of the plan. A damaged reputation is recoverable, and we have restored community standing before. What does not work is a plan that leaves out the resources to fix what needs fixing.
Occupancy
Not our filter. We look at buildings other buyers screen out because the occupancy number looks acceptable, and we pass on full buildings already running exceptional operating margins. There is nothing there for us to improve.

What we pass on

What is usually not a fit.

Very small markets
As a floor, we look at metro areas of roughly 150,000 people and up. Below that there is no labor market and no depth of demand. If you are not sure whether your market clears the bar, ask.
Group homes
We do not operate in that industry.
Standalone active adult
Not what we do. A small active adult component inside a large campus can come along as part of the whole.
Skilled nursing as the main event
We exited skilled nursing in 2016. A small skilled component on a large full continuum campus is a different conversation.
Heavily Medicaid dependent revenue
Our operating model is built on a level of staffing, care, and programming that private pay and rate flexible markets support. A building whose revenue is predominantly Medicaid is not a criticism of that building or its residents. It just does not fit what we are able to run well. A partial Medicaid census in an otherwise private pay building is a different conversation.

Where we are looking

The Mountain West and the interior western states.

We operate across Colorado today and we are actively working well beyond it. The map shows where interest is strongest, where it is secondary, and the metros we are focused on inside each state. Hover over a state, or tab to it, for its focus market.

If you are unsure whether a market qualifies, send it anyway. We would rather look and pass than never see it. Proximity matters to us in a specific way: what counts is how easily we can get a support team member to the building, a short flight or one time zone away.

AlabamaFloridaGeorgiaIndianaMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaPennsylvaniaSouth DakotaConnecticutMissouriWest VirginiaIllinoisNew MexicoCaliforniaDelawareIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonVirginiaWashingtonWisconsinSouth CarolinaVermontLouisianaRhode IslandDenver metro4 communitiesGlenwood SpringsRoaring Fork Senior LivingGreeleyHigh Plains Crossing
  • Primary interest
  • Secondary interest
  • Target metro
  • Operating today

How we participate

We are the operator. The capital comes from our partners.

Worth saying plainly, because it changes what our name on an offer means. When we are on a bid there is an operating plan behind the number, built by the person accountable for delivering it. We underwrite that plan before we bid rather than after, which is why we do not come back at week six with a different number.

Capital gets matched to the asset, because the group that funds a stabilized building is rarely the group that funds one that needs work. Our longest standing capital partnership has run more than a decade and through a full cycle. When we come back to you on a deal, we will tell you where the capital stands rather than leave you to guess.

What you get from us

Four things, every time.

A fast read

You will not wait a week to hear whether we are interested.

An honest answer

Including a fast no.

A reason

If we pass you will know why, and you will know what to send next time.

No retrade

We do the budgeting and business plan before we bid, not after.

If you have something that fits, send it over. If you would rather talk first, that works too.

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One of the 150 largest senior living providers in the country.

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