If all goes according to plan, senior living operator Galerie Living is set to experience a significant surge in growth and business lines in the upcoming year and beyond, according to CEO Tim Gary. The first Corso community, Corso Atlanta, is nearly fully occupied with strong net operating income margins in the “mid-40s” range. Building on this success, the company is preparing five new Corso projects in various U.S. markets, focusing on upscale amenities and services. In addition to Galerie and Corso, Gary also leads Fynn, a senior living operations tech platform with around 50 clients currently. The goal for next year is to scale this number to 400 and beyond as more operators join the platform. With expansion plans for both Corso and Fynn, Gary anticipates a busy year ahead. Additionally, the possibility of taking on new third-party contracts to assist other companies in luxury senior living projects is being explored.
Galerie currently has five Corso projects in the pipeline, as well as managing three communities under the Village Park brand. New developments are planned for Atlanta, D.C., and Philadelphia, each designed with unique architectural elements and incorporating “neural architecture” to anticipate and interact with human behaviors. The company invests heavily in pre-development to secure financing, with additional investments between $10 million and $14 million per project. Despite challenges with construction financing and inflation affecting yield costs, Galerie is determined to demonstrate the potential for expansion and longevity of their projects.
The demand for luxury senior living communities remains strong, coupled with a shortfall in senior living development to meet the needs of the growing older adult population. While focused on luxury, Galerie recognizes the importance of addressing middle-income older adults in the future. By partnering with other industries and companies, Gary believes joint ventures can create innovative solutions to bridge the gap in service offerings. Staffing is a vital aspect of Galerie’s success, with a rigorous training program in place to maintain high standards. Technology is leveraged to support staff and prevent burnout, ensuring a positive work environment for all employees.
Looking ahead to 2025, Galerie is not only expanding the Corso brand but also placing emphasis on growing their tech platform, Fynn. This electronic health record platform is designed specifically for senior living operators, offering a range of capabilities to enhance operations and resident care. With plans to onboard more clients and deploy Fynn in thousands of communities, Galerie is poised for continued success and innovation in the senior living industry.
