In addition to the apartment upgrades, Vi has also revamped the community’s care spaces with a $41 million redevelopment, expanding assisted living options and enhancing skilled nursing facilities. President Gary Smith noted that similar remodeling efforts have been undertaken at other Vi communities, such as a $6 million renovation in Glenview, Illinois.
While new development plans are currently on hold due to construction costs, Vi remains committed to renovations to meet residents’ evolving expectations. The company is actively seeking land deals for future development opportunities and is considering a return to rental senior living.
Despite facing challenges during the pandemic, Vi’s occupancy rates are steadily improving, with strong demand for assisted living and memory care services. Smith is optimistic about the industry’s recovery and expects continued growth in the coming years.
