A joint venture between Avinity and Presbyterian Homes & Services will work to preserve and expand affordable senior housing options for the areas in which they operate, the entities announced Wednesday.
Effective June 1, PHS will acquire a 50% membership interest in Avinity. Both faith-based, non-profit providers of senior housing and services are based in Minneapolis/St. Paul, MN.
The partnership has received a $200 million commitment from a “mission-minded” private capital source to help finance and launch the initiative, Avinity CEO Denyse Ethridge said.
“Our aim through Avinity and our capital partners is to add 15,000 affordable senior apartments over the next 15 years through development and/or the purchase of existing properties to preserve their affordability,” PHS CEO Dan Lindh said. “Achieving this outcome will likely meet only 10% to 15% of the emerging need.”
The partnership also will offer customizable health and wellness options similar to those offered through PHS’ Optage home- and community services and Genevive primary care, he said.