The principals of The Encore Partners, LLC are seasoned professionals with over 35 years of related experience in the seniors housing business. After many years of visioning, creating and developing senior housing communities, the Principals of the Encore Partners believe that in the best interest of ongoing success for their projects, residents and investors, Encore will remain in control of the management function of the communities it creates.
At this time, Encore has limited capacity to provide consulting services to third parties, and actively seeks third party relationships with owners, investors, lenders, or developers who need short term solutions for tactical or strategic challenges. The focus of Encore’s consulting practice is advisory services for development, marketing or operations. Encore’s approach is engage, collaborate, assess and recommend honest and direct feedback, recognizing the unique attributes of every community or assignment.
The Project – Encore was engaged to review marketing, management operations, and the overall value proposition of a recently remodeled urban Senior Living Apartment Community in Denver, Colorado. The developer acquired and redeveloped an aging faith-based affordable age-restricted building into a market-rate 53 unit senior apartment project, which was completed in January 2009.
Challenge – After nine months of leasing and operations and only one resident, project velocity was stagnant and financial performance in jeopardy. The project plan had no defined service package, no comprehensive marketing program, no leasing guidelines, no written policy and procedures, with an inexperienced staff that “over promised-under delivered”.
Solution – Encore was engaged to comprehensively assess all aspects of the project and develop and “re-create” the project into a bona fide senior housing community:
- a strategic marketing and management plan, which included staff evaluations and replacements,
- preparation of policy and procedures,
- creation and implementation of:
new staffing structure and plan, job descriptions, roles and responsibilities, reporting structure,
leasing protocols manual (Green Book), a comprehensive media plan, service delivery plan, pricing strategy and revised ramp, an achievable and energetic lifestyle program, and
- review of all common areas for functionality and programming.
Results – By month ten, all of the above recommendations were implemented, a new staffing plan was implemented, starting with a new general manager and assistant manager (including on-site training), consistently used leasing protocols with pricing, defined services and lifestyle program, revised residency agreement, acquisition and implementation of transportation services, 24-hour on-site staff presence, re-energized ownership culture and philosophy.
Encore’s recommendations generated 17 new leases, with traffic and tours up 270% in the first six months of the new plan.
Development & Planning Advisory
general manager and assistant manager (including on-site training), consistently used leasing protocols with pricing, defined services and lifestyle program, revised residency agreement, acquisition and implementation of transportation services, 24-hour on-site staff presence, re-energized ownership culture a
The Project – Encore was engaged to aid in market assessment, programming and redevelopment for a proposed 94-unit senior apartment community in Denver, Colorado.
The owner acquired a failed aging faith-based retirement campus and redeveloped half the project for market rate student housing as an interim solution. The remaining two towers will become a market-rate senior apartment project, and when stabilized the student apartment towers will be renovated as a second phase. The project is projected to commence construction under a HUD 231 insured loan in early 2011 and open in 2012.
Challenge – Developer had evaluated numerous senior and market rate concepts over the last 7 years in an effort to create a valuable community asset, compatible with the neighborhood, and all grandfathered under beneficial zoning code. Despite cosmetic improvements, the building remains a neighborhood blemish and has struggled to integrate a new proposed use on one-half of the property, while the student housing portion remains viable, yet an opportunity for improvement and redevelopment.
Solution – Encore was engaged to:
- help evaluate the viability of the property as a senior apartment community,
- concept development,
- program design for all units and common areas of the building
- make recommendations for design architecture for the redesign of the facade,
- developed market position strategy,
- vision the lifestyle program, and
- develop operations and development pro formas.
Results – Based on successful market assessment, positioning, pricing strategies, and development pro forma, Encore is currently assisting the developer in submission of a loan package under the HUD 231 program and has negotiated a third-party agreement for the long term management of the community. When complete, the redevelopment will be a true community asset and well integrated into the existing neighborhood.
The Project – Encore was engaged to review marketing, management operations, and the overall value proposition of an aging 124-unit Independent Living Senior Living located in the heart of an inner-ring Seattle, Washington neighborhood. One of the owners recently assumed management of the community, and has been upgrading apartments and common areas of the community, while trying to stabilize the occupancy of the community for a loan refinance.
Challenge – A new owner-based management entity was created in January 2009, as a cost saving measure, after years of mid-90’s occupancy. The new management company had limited senior housing experience and imposed an autocratic management style, which has resulted in occupancies in the mid-80’s and financially stressed the project. The key objective was to stabilize management and occupancy for refinance of the property.
Solution – Encore was engaged to complete an intensive onsite triage of all existing operations, staff, building plant, procedures, policies, marketing, outreach, food service program, owner/manager/staff relations. The focus of the three-day intensive onsite assignment with owner and staff was to:
- analyze all key competitive properties,
- develop a “value position” statement and community vision,
- develop strategic marketing and management recommendations, including staff evaluations/new hire interviews,
- create a policy and procedures manual,
- implement leasing guidelines,
- develop and define key messages for marketing,
- define the service delivery plan,
- develop a pricing strategy to achieve the ownership objectives,
- make recommendations for common area improvements and uses,
- make recommendations to create an achievable and energetic lifestyle program, and
- conduct an open forum resident meeting to solicit resident feedback about the state of the community.
Results – Refinance is proceeding according to plan and will close early May 2010. Occupancy is stabilized under new pricing and service plan. Recommendations for key departmental staff changes were accepted and are in process of implementation.