An established operator was running a senior housing community that had achieved consistently higher than stabilized occupancy within their dementia units but was struggling to achieve stabilized occupancy within their assisted living units. The unit mix was approximately 25% dementia units and 75% assisted living units. Thus, the vacancies within the assisted living units were severely affecting the community’s profitability. The owner of the community approached Walker-Heley to help identify a solution to this community’s leasing challenges.
It quickly became evident to Walker-Heley that the market in which this community was located was underserved in the dementia care space. After evaluating the community’s direct competition, Walker-Heley recommended that the owner consider converting some of the community’s assisted living units to dementia care units. The owner approved the solution in concept and Walker-Heley prepared the road map to make this conversion plan a reality. Walker-Heley identified the assisted living units that were the best candidates for conversion and prepared a strategy for the community’s sales team to ensure that units for conversion would not be leased. A communication plan was established with the executive director of the community to explain the planned construction to the current residents and their families. Finally, Walker-Heley assisted with the selection of the construction company for this project and prepared a construction budget for the conversion.