Sinceri Senior Living has expanded its national presence to over 80 communities by acquiring seven properties recently obtained by Ventas (NYSE: VTR), with additional growth on the horizon.
Ventas purchased the Magnolia Springs communities for $143 million and appointed Sinceri as the operator, as previously announced by the Chicago-based REIT in May.
Now managed by Sinceri, these communities increase the operator’s footprint in the Midwest, with expanded holdings in Indiana and Ohio and a new entry into Kentucky. The transaction was facilitated by Walker & Dunlop Investment Sales.
According to Belford, CEO of Sinceri, the communities offer a total of 700 units for independent living, assisted living, and memory care. In just a few months, Sinceri has grown from 37 to 81 senior living properties spanning 22 states.
With an average age of 10 years and around 100 units per community, the properties were reported to be nearly 90% occupied. Belford praised the previous operator, Life Care Services, for laying a strong foundation for stability.
In 2023, Sinceri saw a 12% increase in occupancy compared to 2022, focusing on margin recovery and future growth opportunities. Belford revealed ongoing discussions with ownership groups for a potential management deal involving a seven-property portfolio.
With goals to reach close to 90 communities by year-end, Sinceri’s performance was highlighted by Ventas executive Justin Hutchens for its revenue growth potential and successful management of the newly acquired properties.
