Who owns CCRCs?

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For many years, CCRCs were owned by local or regional companies or nonprofits.  By some estimates, up to 80% of CCRCs were nonprofits.  But, that’s been changing recently. When the housing market crashed, so did a lot of new nonprofit CCRC developments.  This caused a wave of acquisitions by for-profit providers between 2009 and today, which has forever altered the landscape of senior housing.

Here are some of the big players in the senior housing industry and a summary of who owns them: (Note that this list is certainly not exhaustive.  If there’s a big one that I’ve left off, please let me know.)

Also, as more and more retirement communities become more professionally-managed, companies have sprung up offering management services.  Life Care Services is one of the largest in the country.  They manage care for over 28,000 seniors.

Why does this matter for seniors?  For the most part, it won’t change life for seniors all that much.  But, there are some things to keep in mind:

  • Communities that used to be owned by small, local companies are now owned and operated by much larger companies. This doesn’t necessarily make that a bad thing.  Rather, it’s a fact that senior should keep in mind when shopping for retirement housing.
  • It isn’t always clear who owns what. Olive Garden is owned by Darden Restaurants, but you never really see their name.  It’s not that they’re being secretive.  It’s just that Darden owns about ten other chains of restaurants.  Similarly, Sunrise and Erickson are owned by much larger companies.  So, when you go visit the campus, remember that you’re visiting part of a much, much larger company that has service lines in dozens of other aspects of real estate and senior housing.
  • Get ready for that “big company” feel.  On the one hand, large companies having significant ownership stakes in restaurants, shopping centers, and other facets of American life has worked out well for us.  We see a Wal-Mart sign, and we know instinctively what types of things we can buy there.  It sets our expectations and helps us to understand the types of services offered in one location.  On the other hand, we’ve all had the experience of eating at a restaurant that “got too big.”  There will be senior housing chains that fail because they cut costs too much and service gets sloppy.  There will be others that people flock to because they offer the best service for the best price.

Seniors housing is undergoing a major change.  But, at the end of the day, you’ll still be looking for the same things when shopping for senior housing: good care, professional staff, a history of safety, well-kept facilities, and happy residents.

Want to learn more about CCRCs? Check out some more articles:

Should retirement communities be run like McDonalds? Part 1 Part 2

Signs of trouble in any community.

Helping friends find the right community.