Company to Provide Management Services to Five New Communities
Through new management contracts, both acquisitions and new development, Solvere Living is rapidly expanding. Teaming with local developers and investors, Solvere will be managing new communities in Florida and Texas, as well as existing communities in Virginia, with more in the pipeline.
Scheduled for completion in early 2018, Tessera of Brandon will be opening in Brandon, Florida. Tessera of Westchase has broken ground in Tampa and is slated to open in late 2018. Both will provide assisted living and memory care. Now under construction, The Villages of Windcrest in Fredericksburg, Texas opens in late 2018 and will also provide assisted living and memory care. The cost to build the three communities will be nearly $90 million and create scores of new jobs. In September Solvere is scheduled to assume management of the Cadence at the Glen independent living community in Glen Allen, Virginia as well as Verena At The Reserve independent living community in Williamsburg, Virginia. Both communities are owned by Chicago-based Green Courte Partners, LLC. Solvere has added additional key positions in sales, marketing and human resources to support the growth.
“We have been building our management platform and team largely focused on turnarounds and are very excited to now be working with a number of developers to build and operate new communities,” said Kristin Kutac-Ward, president and CEO of Princeton, NJ-based Solvere Living. “Our company’s vision is to inspire individuals to reach their full potential and we practice that daily with residents and team members alike. Our growth in the Southeast and Southwest areas of the country is strategic as we build a strong network of regional vice presidents and established industry professionals to create vibrant clusters of managed communities.”
Solvere is partnering with local developers, investors and architects in the Florida and Texas projects. Tessera of Brandon is being developed by Pridgen Development, LLC and Lindell Investments, Inc., a joint owner. Lindell is the developer of Tessera of Westchase. Grady Pridgen, CEO of St. Petersburg-based Pridgen Development brings decades of experience in the development of commercial, office, industrial, retail, multi‐family and senior living communities. Tampa-based Lindell Investments was established in 1997 by Carl Lindell Jr., who has invested in and developed commercial and residential real estate for more than 35 years. The company recently has focused on the housing, rental, senior housing and townhomes markets. The architectural firm for both of the new communities is St. Petersburg-based Bessolo Design Group, Inc., which provides architectural, engineering, and interior design services to a wide range of markets in 17 states.
The developer of the Villages of Windcrest is Bridgeview Realty Capital, LLC headquartered in Dallas, Texas and provides development services to the senior housing and healthcare industries and for commercial real estate nationwide. The firm has developed, financed and delivered more than $3 billion over the last 30 years in the real estate sector and more than $350 million over the last 20 years in the senior housing and healthcare industries. John Lanier is senior manager for the firm. The architect for the Villages of Windcrest is Frank Rees of REES Architects in Dallas, Texas. REES Associates, Inc. has a large focus on healthcare architecture, serving clients in 32 states and 38 countries.
“The key to success in the senior living business is giving residents care like you would a family member,” said John R. Lanier, President and CEO of Dallas, Texas-based Bridgeview Realty Capital, LLC. “After an exhaustive evaluation of a number of operators – good operators that I have worked with over the last 25 years – Solvere hands down is our selection. We have a 10-facility business plan and Solvere will be our operating partner for our entire portfolio.”
Both Tessera communities and The Villages at Windcrest will feature a multi-story, bright and energetic state-of-the-art living environment with one and two-bedroom assisted living apartments and memory care suites in various floorplans. At the heart of their management services is Solvere Senior Living’s proprietary wellness philosophies Salus™ and Valeo™, which will be provided at all three communities. Salus (Latin for well-being) is a holistic approach that focuses on each resident’s potential to achieve his or her personal goals through engagement and connection. Valeo (Latin for to thrive) focuses specifically on wellness initiatives for those with memory impairments and incorporates components that examine residents’ social, intellectual, spiritual, and physical well-being.
“Our Salus and Valeo programs are designed for successful aging by touching every aspect of residents’ lives and keeping them feeling engaged, honored and fulfilled,” Ward said. “One popular example is our mural painting project where residents have helped create colorful and vibrant depictions of local landmarks inside their residences. The painting is an important tenet of Valeo’s Create and Compose program, which capitalizes on the therapeutic benefits that art and music offer.”
Through its team of professionals in business, finance, operations and marketing, the firm currently manages communities in eight states, including Florida, New York, New Jersey, Texas, Maryland, West Virginia, Virginia and Indiana. Its partner company, Solutions Advisors, provides marketing, sales, consulting and creative services to the senior housing industry nationwide.