June 8, 2020
Orlando-based real estate services and investment firm Foundry Commercial has announced the formation of a joint venture partnership with Missouri-based Foster Senior Living. The newly-formed entity will acquire, develop, and manage seniors housing assets across the United States.
Foster Senior Living will manage all day-to-day operations of the jointly owned and managed communities, and Foundry will provide capital and transaction expertise for the new partnership. The joint venture currently manages four assisted living, memory care and skilled nursing assets for a sophisticated institutional owner of seniors housing assets, and expects to add a fifth asset in July 2020.
“We are at the very beginning of nearly three decades of Baby Boomers entering their senior years, and those demographic trends are favorable for the industry. Additionally, we expect to see re-alignment of assets to quality operators post-COVID-19, as some assets developed over the last few years have struggled to meet proforma expectations. Our partnership offers operational and capital solution for owners looking for a new strategy,” said Kevin Maddron, healthcare principal at Foundry Commercial.
*Pictured above is Foundry’s Kevin Maddron
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