Denver-based Endeavor Senior Living, which launched earlier this year, is seeking to invest $500 million into senior living properties.
The company began operations at the beginning of the year but became more “public-facing” on Aug. 1, co-founder and Chief Operating Officer Evans Adrian told the McKnight’s Business Daily.
“Our focus isn’t to acquire as many assets as possible. I think that we’re going to invest very strategically and very slowly as we give attention to each and every property,” he said. “That means that we’re pretty hands-on.”
Endeavor Senior Living is both an investment company placing investments strategically for its financial partners and an operator of those same investments. The company is primarily focused on challenged and underperforming assets.
“We’re very different from the typical investment firm. We’re also very different from the typical operator,” Adrian said. “We have both skin in the game on the real estate side and on the operations side, which is a unique structure, I think.”
The firm has three partners who have a combined 50 years of experience in senior living, behavioral health, real estate development and investments, capital markets, hospitality, branding, marketing and sales. Immediately before co-founding Endeavor, Managing Partner Kyle Beard was co-founder and president of Valiant Living, a Denver-based addiction treatment center. Chief Investment Officer Drew Ostransky previously was director of investments at Morningstar Senior Living.
As COO, Adrian said he brings experience in marketing, sales and operations.
“We’ve built a great camaraderie, a great partnership. Really great friends. I think that’s what sets Endeavor apart,” Adrian said. “I don’t think we could have done it if all three of us weren’t here. All three partners will be very hands-on.”
Colorado is a very strong market right now, he said, but “we have a rule that if a deal is good, if it looks great and it fits our criteria, we’ll go anywhere in the US.”
Endeavor Senior Living is looking to acquire properties that are no older than 20 years and have at least 80 units. The company is interested in acquiring independent living, assisted living and memory care properties, he said, adding that it wouldn’t rule out properties that include a care component if such a move is in Endeavor’s best interest.
Now is a good time to invest in senior living, Adrian said, adding that he thinks the environment will improve even more over the next 12 months.
