Welltower Partners with Balfour Senior Living and Expands Best-in-Class Platform
TOLEDO, OHIO–Welltower Inc. (WELL) today announced that it has formed a new relationship with Colorado-based Balfour Senior Living (“Balfour”), a premier operator of unparalleled independent living, assisted living and memory care communities.
Welltower and Balfour plan to enhance the high-end senior living experience by expanding upon Balfour’s best-in-class design and accommodations. Welltower acquired a six-community portfolio located in the Denver and Boulder metropolitan statistical areas, including Balfour’s downtown Denver flagship community, Riverfront Park, and the recently developed Lavender Farms, which opened in April. The portfolio was acquired for $308 million in partnership with Balfour.
Balfour entered into Welltower’s next generation management contract, creating optimal alignment between the partners. As part of the portfolio purchase, Welltower has received exclusivity on Balfour’s future acquisition and development pipeline, as well as an option to acquire up to a 34.9% interest in Balfour’s management company. Several development initiatives are currently underway in high barrier to entry East Coast markets, rapidly expanding upon what is already a strong partnership between Welltower and Balfour.
“Welltower is extremely pleased to welcome Balfour Senior Living, and co-founders Michael Schonbrun and Susan Juroe, to our family of leading operators. Michael and Susan are true industry innovators and are delivering a next generation senior housing and care model in high-end urban and suburban locations,” said Thomas J. DeRosa, Welltower Chairman and CEO.
“The Balfour relationship is further validation of our commitment to premier seniors housing properties and a partnership approach. Balfour helps to further differentiate Welltower’s portfolio with one-of-a-kind design, which is unparalleled in the industry, as evidenced by its numerous awards and accolades from Hospitality Design and the National Association of Home Builders,” DeRosa added. “We look forward to collaborating with the outstanding management team at Balfour to offer residents and families some of the highest level of independent living, assisted living and memory care living available.”
“Welltower is an optimal partner for the future expansion of Balfour’s platform,” said Balfour co-founder and CEO, Michael Schonbrun. “Tom DeRosa and his top-notch management team appreciate Balfour’s vision for serving individuals who have always known and appreciated a comfortable and beautiful residential setting and the services and amenities that they require. This is a population who has previously chosen to stay in their homes but now appreciate that a better alternative has been developed by Balfour. In addition, Welltower’s data analytic and market-assessment capabilities along with speed-of-execution will enhance Balfour’s ability to scale quickly in these high quality, high barrier to entry markets.”
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience.