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Ventas to Transfer Management of 90 Senior Living Properties to Local Operators
Ventas Inc. said Tuesday it intends to transfer operations of 90 Ventas-owned senior living communities that have been adversely affected by the COVID-19 pandemic to eight experienced operators to best position the communities to benefit from the expected cyclical recovery of senior living.
The communities are currently operated under management agreements with Eclipse Senior Living (ESL), which is expected to cease operation of its management business in 2022.
The new managers are expected to provide strong local market focus and oversight for the Communities. They’re experienced in middle market assisted living and have strong geographical overlap, said Ventas.
The communities are located in 20 states, principally in markets with positive forward supply-demand characteristics, positioning them to recapture value and NOI over time as the COVID-19 pandemic abates and the industry recovers Most of the transitions from ESL management are expected to be completed by the end of 2021.
- ◦Lease
