Oct 13 2009
Latest project Methuen Village exceeds projections
Boston-based Senior Living Residences (SLR), a company with a 15-year history of successful ownership, lease-up and management of senior housing communities, has further burnished its track record of robust lease-up of new assisted living facilities even as other companies in the senior housing industry are reporting the negative impact of the current economic downturn.
Occupancy rates across the SLR portfolio continue to outperform competitors, averaging over 95% for the past 18 months, well above the national average of 87.5% during the same period. SLR has also outpaced the Boston regional market, which, according to the National Investment Center (NIC), currently has the highest occupancy of the 31 largest metro markets in the US. SLR’s stabilized occupancy rate for the first quarter 2009 was 96.8%, topping the region’s average of 93.5%.
Methuen Village Exceeds Expectations
The newest project managed by SLR, Methuen Village at Riverwalk Park located in Methuen, MA, is on track to reach even greater heights. The 91-unit assisted living community with a 14-unit state-of-the-art Memory Support Neighborhood opened in March of this year, surpassed 50% occupancy in only four months, and after only seven months is over 70% leased as it heads into the 4th quarter with a strong lead base.
“Leasing up at nearly double the budgeted projections, despite dips in home values and the rise in unemployment, demonstrates the opportunity that exists in this and many assisted living markets for high quality, reasonably priced assisted living and Alzheimer’s care,” said Robert Larkin, president of Senior Living Residences. “SLR’s 15-year reputation as a trustworthy, high-quality operator in the New England region has been built on our four-pillared “Right Values” operating philosophy: Resident Quality of Life, Valued Associates, Integrity and Innovation. SLR’s four pillars and what they mean to the life of each individual resident in each of our communities strike a highly responsive chord during our intensely focused marketing and outreach efforts.”
Source: http://www.seniorlivingresidences.com/