This is a limited liability company, chartered under the laws of the State of Illinois on January 23, 2012. The Company was formed to develop and operate a 64 unit assisted living facility in Jo Daviess County, Illinois. The Company is owned by a group of 26 investors. The primary investor has a 35% ownership interest. The remaining investors hold between 0.5% and 11.5% each.
The Company began construction in 2016 and opened its doors in late 2017. The Company is located next door to the local hospital and offers 64 assisted-living rooms with three varying levels of care; (1) Memory Care, (2) Closer Care, and (3) Basic Assisted Living. All units include a 24-hour emergency response system and supportive health care services overseen by a registered nurse.
Historical funding necessary for development and operational scale-up of the facility has been provided by a combination of a loans and investor cash. The development phase included a study to determine the market demand for the project and the conclusion was reported to be supportive in all key aspects.
Assisted living has emerged as a popular senior living option for elderly seeking residence that also offers medical monitoring / limited medical care. The Company is both licensed and regulated at the state-level, ensuring a higher level of care standards when compared amongst other assisted living communities. As noted above, the Company offers three (3) varying intensities of care which are further described as follows:
Assisted Living Units: Services provided include room, board, and personal services, for compensation to two or more occupants that reside in individual living units containing a minimum of one room with a kitchenette and private bathroom. 40 (62.5% of the total available units) of the Company’s 64 total units are configured to support this tier of care. 24-hour emergency response staff and access to medical support from the facility’s staff nurses is also provided at this level.
Closer Care Units: In addition to the service provided under Assisted Living, this tier offers expanded personal services and assistance with the activities of daily living. Services are customized to the need of the specific resident(s) for this level of care. 10 (15.6% of the total units in the facility) of the units in the facility support this level of care.
Memory Care: Services provided at this level of care include lodging, meals, medication administration, intermittent nursing service, and assistance with personal hygiene, transfers, ambulation, dressing, housekeeping and laundry. Such units are studio apartments designed for the care of residents with Alzheimer’s and related dementias. 14 (21.9% of the total units in the facility) units support this level of care at the facility.
Management has provided a current rent roll reflecting 85.90% occupancy as of July 9, 2020. Historically, operations of the facility have not been profitable due to the use of a 3rd party management company that had not been utilizing the pricing schedule currently approved by management. Upon discovery (March, 2020), management terminated the agreement with the third party (operations are now managed in-house) and has incorporated its updated pricing schedule for new residents. This decision has favored the company by way of improved margins and increased occupancy. In March, 2020 Management also began phasing out its lowest level of care services (Independent Living). This decision has favored the company’s margins as noted earlier. The majority owner of the company lives on-site at the facility and assists with day-to-day and strategical management.
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