A SMALL SAMPLE OF THE ROCHE ASSOCIATES’ FILL-UP & TURN-AROUND SUCCESS DURING THE CURRENT SENIOR HOUSING DOWNTURN
Keystone Commons, Ludlow, Massachusetts
Pre-leased 70% of Keystone Commons’ 90 independent living and assisted living units and achieved 100% occupancy of the community’s independent living units within four months of its May 2008 opening. Keystone Commons’ independent living apartments filled up at a rate of 11 net move-ins per month which was more than double the national fill-up rate of 5 units per month for independent living units. The community attained stabilized 95%+ occupancy within 12 months of opening. Of note, Keystone Commons through the efforts of The Roche Associates and the excellent on-site sales team was able to convert 42 of 44 pre-sales deposits for independent living into move-ins despite the seriously deflated home sales market in the greater Springfield/Ludlow, Massachusetts area.
The Village On The Isle, Venice, Florida
Helped The Village On The Isle regain and maintain 97% occupancy despite being located in South Florida, which according to many housing experts, constituted “ground zero” for the nationwide decline in housing values. The Village On The Isle, which is a 372 unit Continuing Care Retirement Community (CCRC), has continued to prosper in one of the worst markets in the United States for retirement communities, especially CCRCs.
Summit Point, Macedonia, Ohio
Pre-leased 55% of Summit Point’s 150 independent living and assisted living units and filled 70 units within four months of receiving its Certificate of Occupancy and Assisted Living Certification. Summit Point’s independent living apartments are filling up at a rate of 6 net move-ins per month, above the national average of 5 units per month for independent living communities, and its assisted living apartments filled up at a rate of 5.5 units per month, which is nearly triple the national average of 2 move-ins per month for assisted living communities as reported by the National Investment Center (NIC), during the 3rd Quarter of 2008. The greater Cleveland housing market, with plummeting housing values, which in many cases declined by over 16%, constituted one of the most challenging senior housing markets in the country.
The Village on Pheasant Ridge, Roanoke, Virginia
Orchestrated marketing and sales efforts which led to The Village on Pheasant Ridge quadrupling its occupancy. When The Roche Associates was retained to turn around The Village on Pheasant Ridge, it only had 15 units occupied, with no deposits and a handful of leads. Through the combined efforts of The Roche Associates and Harmony Senior Services and the excellent on-site management and sales team, The Village on Pheasant Ridge now has more than 80 units occupied, gained scores of new deposits and increased its lead base fivefold, from 200 to 1,000+ leads.
More Fill-Up Successes:
The Gardens at Keystone Woods, Springfield, Massachusetts
Filled The Gardens at Keystone Woods at double the national fill-up rate, by generating sales traffic of 3,500 visitors to on-site programs and events at Keystone Woods, resulting in 921 one-on-one sales presentations and tours from December 2004 to November 2006, which translated into 305 deposits. Obtained 100% occupancy at the 97-unit Gardens Independent Living Community within a year of all of its units being available. Forty-two (42) move-ins occurred within one month of the opening of 58 Phase I units. Despite unavailability of 39 Phase II units for six months, The Gardens filled up at a rate of 10 net move-ins per month, which was double the national fill-up rate of 5 units per month for independent living communities. Similar to The Gardens, the 89-unit Grayson House Assisted Living Residence at Keystone Woods’ fill-up rate was double the national average. Grayson House, which was completed in July 2006, averaged 6.5 net move-ins per month in comparison to the 2006 national average of 3 net assisted living move-ins per month.
Keystone Cedars, Cedar Rapids, Iowa
Pre-leased 70% of the units and achieved 95% occupancy of the 48-unit Phase I of Keystone Cedars, a new assisted living community located in Cedar Rapids, Iowa, within months of its opening. As a result of the marketing foundation established by The Roche Associates during Phase I, Keystone Cedars achieved 95% occupancy for its overall 78-unit assisted living community within 10 months of its opening, translating into approximately 8 net assisted living move-ins per month, almost triple the national average.
Geer Village, Caanan, Connecticut
Filled 100% of independent living units and 50% of the available assisted living units for Geer Village, a new 119-unit senior living community in rural Canaan, Connecticut within 90 days of opening. Due to the marketing plan created and implemented by The Roche Associates for Geer Village, this senior living community had a waiting list of over 40 parties for its independent living apartments and achieved its goal of 95% occupancy for its assisted living units within a year of opening.
Additional Turn Around Successes:
Woldenberg Village Retirement Community, New Orleans, Louisiana
Generated $1 million+ in increased revenues for Woldenberg Village Retirement Community by boosting occupancy at its Azaleas Assisted Living Community by 80%. Prior to our marketing involvement at the Azaleas, its occupancy hovered around 32 occupied units (54% occupancy) for over a year. At the completion of the marketing intervention by The Roche Associates, occupancy increased at the Azaleas from 32 to 58 of 59 units (98% occupancy): a net increase of 26 units.
The Haven at Silverwoods Assisted Living Community, Toms River, New Jersey
Gained a 30% increase in occupancy for The Haven at Silverwoods Assisted Living Community after the preparation of an in-depth, comprehensive marketing plan and delivery of an intensive sales training program for The Haven’s management and marketing team by The Roche Associates. This 10-year old converted independent living complex operated by Hovnanian Senior Housing Services was fluctuating between 70%-77% occupancy at the time of retaining The Roche Associates. Following The Roche Associates’ marketing and sales involvement in the 52-unit building, occupancy stabilized between 94%-96% for over one year.
Brentwood Senior Living Apartments, Elkhart, Indiana
Obtained $800,000 in increased cash flow and revenues for Brentwood Senior Living Apartments by boosting its occupancy to 96% (81 of 85 available apartments occupied). Before working with The Roche Associates, occupancy rate at Brentwood was at less than 20%.
The Commons at Squirrel Hill Skilled Nursing & Rehab Center, Pittsburgh, Pennsylvania
Dramatically turned around occupancy at The Commons at Squirrel Hill Skilled Nursing & Rehab Center in Pittsburgh, Pennsylvania by increasing its average daily census from a low of 132 beds (74% occupancy) to an average daily census of between 168-170 beds(94%-95% occupancy).
The State of Seniors Housing 2006, published by the American Seniors Housing Association, reported the overall net move-in rates per month for senior living units as follows: 5 net move-ins per month for independent living and 3 net move-ins per month for assisted living for the 462 senior housing properties which participated in its 2006 survey.