Where Capital Meets Census
Boutique underwriting of memory care, assisted living, and CCRC assets. Pairing institutional capital with operators who know occupancy.
A walk through the deals we underwrite.
From stabilized yield to development risk — each room deepens the stakes.
Memory Care Wing — Pacific Northwest
Recession-resistant yield on a fully licensed, census-stabilized asset.
A 64-bed freestanding memory care facility operating at 91% census for 18 consecutive months. The operator held a waitlist. The cap rate the market was pricing reflected generic skilled nursing risk — not specialty memory care scarcity. We underwrote the census curve, not the trailing twelve.
Assisted Living Conversion — Sun Belt
Repositioning an underperforming SNF into a licensed AL community.
A 120-bed SNF sitting at 67% census in a market where assisted living commanded a 40-point occupancy premium. The physical plant was sound — 1998 vintage, single-story, suburban campus with 8 acres. The thesis was simple: relicense, restaff, reprice. Execution is where most operators stumble. Ours did not.
CCRC Expansion — Mid-Atlantic Campus
Adding 80 IL units to a 30-year-old CCRC with a 3-year waitlist.
The campus had the land, the license, the brand equity, and a waitlist that had been turning away residents since 2019. What it lacked was capital and a development partner who understood the continuum. We structured a preferred equity position through the construction phase with a conversion option — a structure the market rarely prices correctly.
The numbers behind the underwriting.
Performance data across Allocate-advised mandates. Past performance does not guarantee future results.
The offering memorandum is already open to the page that matters.
Thirty minutes. Your investment profile, our deal pipeline. We will not waste your time with a pitch deck you could have read in five minutes. We will show you the underwriting.
Download Our Senior Living Thesis
28 pages. Cap rate compression by asset class, census recovery curves post-2020, the operator scorecard we use in diligence, and our ten-year demographic thesis on senior housing demand.