Trustwell Living almost doubles in size with addition of 24 communities

Trustwell Living has almost doubled the number of communities under its management with the transition and rebranding of 24 communities across Arizona, Indiana, Iowa, Louisiana, Oregon, Texas, Washington and Wisconsin into Trustwell’s portfolio, the company announced Wednesday.

The communities include a total of 1,126 units providing independent living, assisted living or memory care services.

With the transitions, Trustwell’s portfolio now totals 45 communities across 14 states, with a total of more than 2,300 senior living units. The latest transaction follows the New York City-based operating company’s addition of 16 assisted living and memory care communities to its holdings in June.

Trustwell will manage the properties for a single owner, CEO Lawrence “Larry” Cohen told the McKnight’s Business Daily, not naming the owner.

“We have greatly added incredible leadership around the portfolio to effectuate very, very seamless and successful transitions,” he said.

Cohen retired as CEO of Capital Senior Living (now known as Sonida Senior Living) in January 2019 and founded Trustwell Living in January 2021. The company announced its first acquisition in May 2022, a 67-unit senior living community in Springfield, IL, subsequently renamed Trustwell Living of Springfield. That same month, Trustwell acquired and rebranded three Kansas City-area senior living communities. The company also picked up an independent living community in Knoxville, TN, in December 2022.

“We’re focused on the operations of assimilating these properties into Trustwell. We’ve so far had great success on our own portfolio that is more legacy properties, as well as the newer buildings, on making some dramatic improvements,” Cohen said. “We have been implementing systems and training. We have seen contract labor being reduced by 80%. We’ve seen gains in occupancies.” 

On-site staff members have been added to the Trustwell team with the addition of the 24 communities, he added.

“Probably most importantly, it gave us an opportunity to build out our infrastructure and bring on operations, sales and marketing, and clinical support for these buildings that are exceptional,” Cohen added. “They’re doing a fabulous job.”