LOUISVILLE, Ky., Feb.
25, 2021 /PRNewswire/ -- Atria Senior
Living, a leading operator of independent and assisted
living communities across the United
States and Canada, has
announced the expansion of its presence in the US by assuming
management of 21 Independent Living communities that are owned by
New Senior Investment Group Inc. ("New Senior," NYSE: SNR).
The communities are spread across nine states, and are concentrated
in the Northeast, Midwest, and Pacific Coast.
Atria will manage these new communities through its Atria
Retirement brand, which will continue to be led by its president,
Kristy Grange. Through the
leadership of Kristy and her team, the company has built its
successful Atria Retirement brand starting with the Atria
Retirement Canada portfolio in 2014. The move underscores Atria's
commitment to continue to grow in the moderately priced senior
living segment as the company enters what it considers the "Seniors
Decade" of the 2020s.
"We are excited to take what Kristy and her team have done with
Atria Retirement and apply their successful management model to a
broader portfolio, as we work to grow each of our key brand
segments. In many ways, Atria Retirement is at the leading edge of
our future," John Moore, Atria
Chairman and CEO said.
Moore added, "I also couldn't be more excited to start this
relationship with New Senior. President and Chief Executive Officer
Susan Givens and her team are great
to work with. Together we've worked hard to design a management
contract that features true alignment. Our management arrangement
creates a partnership that is well-positioned to drive value for
both New Senior and Atria stakeholders alike."
"Atria Senior Living is one of
the most well-respected operators in the business and has a proven
track record of driving strong occupancy and financial performance
at communities similar to those in our transition portfolio.
We have worked collaboratively with the Atria team to ensure
meaningful alignment between our companies, and we look forward to
beginning this new strategic partnership and finding ways to build
upon it as we move forward," said Susan
Givens, President and Chief Executive Officer of New
Senior.
Atria Retirement President Kristy
Grange said, "Our team is excited and prepared to apply the
things that we've learned and to continue growing our platform.
These communities have been well-managed by Holiday Retirement and
have the timeless, resident-centric design heritage of William Colson. That history, combined with
redevelopment and capital projects, will help independent seniors
live their best lives both in the current environment and as we
move forward into the future," she said.
In addition to operating the 21 communities for New Senior,
Atria expects to also carry out capital management, development and
redevelopment services. Transition of the communities to Atria
Retirement is expected to be complete in April.
Moore said the transaction is a major step for Atria in
augmenting its robust, segmented senior living management business.
Atria Retirement, a lower price point independent living product,
complements the rest of Atria's portfolio which includes the brands
of Atria®, Atria Signature, Atria Park® and its new lower
price point assisted living brand, Gladwell™. A new luxury brand is
also coming soon through Atria's joint venture with the Related
Companies.
Atria is also moving beyond management and development services
in senior housing through its recently launched software
subsidiary, which offers best-in-class, end-to-end community
management applications to other owners and providers under the
Glennis® brand, Moore said.
About Atria Senior
Living
Atria Senior Living is a leading operator
of independent living, assisted living, supportive living and
memory care communities serving more than 200 locations in 28
states and seven Canadian provinces, after the New Senior
transaction is complete. Atria is the residence of choice for more
than 18,000 older people, and the workplace of choice for more than
13,000 employees. We create vibrant communities where older adults
can thrive and participate, know that their contributions are
valued, and enjoy access to opportunities and support that help
them keep making a positive difference in our world. For more
information about Atria, visit AtriaSeniorLiving.com.
About New Senior
New Senior Investment Group Inc.
(NYSE: SNR) is a publicly-traded real estate investment trust with
a diversified portfolio of senior housing properties located across
the United States. New Senior is
one of the largest owners of senior housing properties, with 103
properties across 36 states. More information about New Senior can
be found at www.newseniorinv.com.
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SOURCE Atria Senior Living