Eighteen-year senior living veteran Scott McCorvie launched Vita Senior Living this month with plans to acquire select communities in Florida.
Most recently, McCorvie was the chief financial officer and executive vice president of investments at Alta Senior Living. Previously, he was president of Senior Living Growth Advisors.
“Vita is Latin for Life, and that’s exactly what our mission and purpose is each day – to improve lives, plain and simple,” McCorvie said Tuesday, explaining the name of the new Orlando, FL-based boutique real estate investment, development and management company.
He told the McKnight’s Business Daily that he is interested in providing an upgraded lifestyle for residents who desire assisted living and memory care. In spite of the current economic climate, now is the ideal time to launch such a new venture, McCorvie said, because the greatest opportunity of growth historically follows periods of disruption.
“I find it’s perfect market timing right now for investing in senior living,” he said.
COVID-19 obviously is the biggest disruption of our time, McCorvie said. Because real estate markets are cyclical in nature, and the greatest opportunity of growth follows periods of disruption, McCorive said the pandemic actually makes this “the perfect time for consolidation.”
“That’s kind of the catalyst for launching it now,” he said.
McCorvie said he is trying to take advantage of market timing and finding properties at a discount right now.
With the current distressed Florida market pricing at 20% to 40% of replacement cost and 30% to 60% of previous acquisition cost, purchasing now significantly reduces each investment’s cost basis, according to the company.
The company plans to purchase five to seven Florida properties a year for the next three years. McCorvie said the idea is to purchase communities, put in better operations and then raise overall performance.
“The goal is to be the next best regional operator,” McCorvie said.