Compass on the Bay, Boston, MA
Free-Standing Alzheimer’s Care Assisted Living:  Model for Future Developments

Compass on the Bay is a free-standing Memory Support Assisted Living community located in Boston. It was previously a traditional assisted living community that SLR converted in 2010 following a $3 million project renovation. While traditional assisted living properties are often challenged financially in the New England market, a truly distinctive Alzheimer’s care assisted living community is highly sought after and therefore enjoys stronger occupancy rates. Compass on the Bay, incorporating SLR’s new brand “Compass Memory Support”, widens the traditional Alzheimer’s customer base by treating individuals with varying levels of memory loss and diagnoses, and has dedicated programming to address the needs of those exhibiting the early symptoms of memory loss (Mild Cognitive Impairment). Of the 11,087 assisted living units currently certified for operation by the Massachusetts Executive Office of Elder Affairs, only 2,519 are designated as “special care” apartments for Alzheimer’s care. Most of these are contained within traditional assisted living facilities; there are only 8 free-standing Alzheimer’s care assisted living communities in the state. The rising incidence of Alzheimer’s and the low market presence of purpose-built facilities specializing in Alzheimer’s care points to a robust new growth segment for the assisted living industry, and this is an important component of SLR’s corporate growth strategy for the next ten years.

Methuen Village, Methuen, MA
Rapid Lease-Up in Down Economy Exceeds Projections

In 2009 Senior Living Residences (SLR) further burnished its track record of robust lease-up of new assisted living facilities even as other companies in the senior housing industry were feeling the negative impact of the economic downturn. Methuen Village at Riverwalk Park located in Methuen, MA, a 95-unit assisted living community with an 18-unit state-of-the-art Compass Memory Support Neighborhood opened in March 2009, surpassing 50% occupancy in only four months. Leasing up at two times budgeted projections, despite dips in home values and the rise in unemployment, the project achieved full lease-up only 13 months after opening. Meanwhile, during the same period, occupancy rates across the SLR portfolio outperformed competitors, averaging over 95%, well above the national average of 87.5%. 

The Crossings Communities: MA & NH
New Operating Model with Sale of 8 Properties
in Just 4 Years

In 1996 Senior Living Residences (SLR) joined with SK Properties (SK), an experienced New England multi-family and single-family developer/contractor, to develop an operating model and portfolio development plan for middle-market assisted living projects. The development plan targeted deep market communities beyond the Massachusetts Route 128 belt and in New Hampshire. The business plan was to develop as many projects as feasible in a five-year time frame to produce a saleable portfolio to an operator. SK Properties and SLR jointly identified project locations. SK acted as developer and general contractor to finance and construct the buildings. SLR provided all project operating pro-forma analysis for use by lenders and investors, as well as all marketing and operating functions through stabilized operations. With an aggressive approach to sales and marketing, and a strong focus on quality operations and staff development, SLR accomplished rapid, cost-effective fill-up of SK’s communities. All projects were over 50% pre-sold and achieved full occupancy within nine months after opening. SLR exceeded the national average stabilized occupancy rate by achieving between 98% – 100% occupancy at each community. In March 2001, just under four years after the initial project opening, the portfolio of eight properties was sold at a value that exceeded original goals.