Pathway to Living, the seniors housing platform of Chicago-based real estate investor and operator Waterton, today announced it has partnered with health care real estate giant Welltower®Inc to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. Recognized for its expertise in the seniors housing sector and the power of Waterton’s national design and construction program, Pathway to Living will bring its hands-on management style and in-depth market insight to the newly-formed partnership with the Ohio-based REIT. In addition to its role as day-to-day operator, Pathway to Living will serve as a minority investor in the acquisition of the 1,105-unit portfolio.
“This is an exciting time for Pathway. This new alliance with Welltower, the industry’s leading health care real estate entity, is a testament to our reputation as a specialist in middle-market senior housing operations,” said Jerry Finis, CEO of Pathway to Living. “We look forward to expanding our footprint and implementing a strategic approach to maximizing occupancy as we emerge from the pandemic and into the future. Our goal is to provide seniors high-quality, attainable residential options bolstered by our signature management style that encourages an active and engaged lifestyle.”
This partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region, increasing its total units under management by 40 percent. The firm’s experience with the senior demographic in the Midwest, coupled with its ability to navigate the intricacies of the seniors housing sector, will be instrumental in bringing the communities in this portfolio to a level that is competitive with similar product in the region.
The portfolio consists of a mix of independent living, assisted living, and memory care communities. The comprehensive value-add program will refresh common areas and address deferred maintenance issues across the portfolio. Additionally, several communities will enjoy community infrastructure updates to improve aging sidewalks, parking lots and mechanical systems. While Pathway hopes the capital investment will help spark an upward trend in move-in activity, it also believes the improvements will enhance overall quality of life for existing residents and families.
