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Senior Living Fund IV USA
Main Office: 16829 w. 116th StLenexa, Kansas 66219
California Office:21250 Hawthorne BlvdTorrance, California 90503
913.283.7804www.SeniorLivingFund.com
Q4 2018 Fund Update
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SLF IV USA Investment Map ........................... 3
Project Investment Status Snapshot .............. 4
Torrance, CA .................................................. 5
Pooler, GA ..................................................... 6
Madison, AL .................................................. 7
Bloomington, IL .............................................. 8
Detroit, MI ..................................................... 9
Farmington, NM ............................................ 10
Fountain Valley, CA ....................................... 11
Woodland Hills, CA ........................................ 12
Summerville, SC ........................................... 13
SLF IV USA Anticipated Investments ............. 14
SLF IV USA Investment Map
SLF3
Senior Living Fund IV USAProject Investment Status Snapshot
Detroit, MI
Farmington, NM
Woodland Hills, CA
Summerville, SC
Fountain Valley, CA
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Pooler, GA
Madison, AL
Bloomington, IL
Torrance, CA
SLF4
Care Type : Assisted Living & Memory Care
Unit/Bed Mix 109 units, 125 beds
Project Cost $33,000,000
Investment Size $1,000,000
Aug, 2017
Project Phase Exit
Project Completed Q4 2014
Project Opened Q1 2015
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Funding Date
Torrance (South Bay), CA
The project in Torrance, CA is an operational Assisted Living & Memory Care facility located in an extremely high-barrier-to-entry market. Situated just 1.5 miles from the Pacific Coast Highway, the property enjoys tremendous accessibility to the greater Los Angeles metroplex. Senior Living Fund invested in the Torrance facility while it was a stabilized asset. The facility was sold on October 31, 2018 with an IRR of 20.1% for SLF IV USA.
Project Sold Oct 31, 2018
SLF5
Care Type Assisted Living & Memory Care
Unit/Bed Mix 104 units, 124 beds
Project Cost $24,000,000
Investment Size $700,000
Funding Date Oct, 2016
Project Phase Occupancy Ramp-Up
Project Completed Aug, 2018
Project Opened Sept, 2018
The project in Pooler is a private pay, ground-up development of an Assisted Living and Memory Care community situated on a 10 acre parcel in Pooler, GA. Pooler, located just outside of Savannah, is Georgia’s fastest growing city per capita. This community is extremely well positioned, offering higher levels of services and care, distinguishing it from the competition. The local market demand is significant, well in excess of the requirements for a successful senior housing community. Doors officially opened to the Assisted Living building in September, 2018, while doors opened to the Memory Care building in November, 2018. As of November 30, 2018, Assisted Living occupancy is 19.5% and Memory Care occupancy is 9.5%.
Pooler (Savannah), GA
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
SLF6
Care Type Assisted Living & Memory Care:
Unit/Bed Mix 104 units, 124 beds
Project Cost $24,950,000
Investment Size $700,000
Funding Date July, 2016
Project Phase Occupancy Ramp-Up
Project Completed Oct, 2018
Project Opened Nov, 2018
Madison (Huntsville), AL
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
The project in Madison is a private pay, ground-up development of an Assisted Living and Memory Care facility spanning 13.72 acres. Surrounded by upscale neighborhoods, the facility’s spas and rehab programs will open their doors to the broader senior community, engaging residents who might ultimately call the senior housing community home. Due to the high unmet need and lack of significant competition in the entire region, Madison, AL is an excellent location for a new senior housing facility. Construction was completed in October, 2018 and doors for both the Assisted Living and Memory Care buildings opened in November, 2018. As of November 30, 2018, Assisted Living occupancy is 7.3% and Memory Care occupancy is 19.0%.
SLF7
Care Type Assisted Living & Memory Care:
Unit/Bed Mix 80 units, 84 beds
Project Cost $17,400,000
Investment Size $1,946,000
Funding Date June-Nov, 2016
Project Phase Occupancy Ramp-Up
Project Completed Dec, 2017
Project Opened March, 2018
The project in Bloomington is a state of the art, single story Assisted Living and Memory Care facility situated on a 7.67 acre parcel offering 72,000 square feet of living space. Bloomington is the world headquarters of State Farm Insurance, which provides tremendous financial stability to the city. The community is within proximity of many medical service facilities and is modeled after upscale hotels, providing hospitality-oriented services in combination with personal care and wellness services. Construction of this facility was completed in December, 2017, on time and under budget. The facility is currently in its occupancy ramp-up phase and has filled 31% of available rooms as of November, 2018.
Bloomington, IL
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
SLF8
The facility in Detroit was previously a congregate care facility for women that was remodeled into a Transitional Rehabilitation Facility. The property sits on a 1.1 acre parcel located in a strong medical corridor near downtown Detroit. The facility is designed for short-term stays, providing 24-hour nursing and transitional rehabilitation care. The state of Michigan is a “Certificate of Need” (CON) State, meaning the State has to approve the development of any new skilled care/transitional care community; This creates a considerable competitive barrier to entry. The facility opened it’s doors on October 2018 and received a Medicare approval letter on November 21, 2018.As of December 2018, current occupancy is 57.6%.
Care Type Transitional Rehabilitation
Unit/Bed Mix 54 units, 59 beds
Project Cost $12,600,000
Investment Size $2,570,000
Funding Date May, 2017
Project Phase Occupancy Ramp-Up
Project Completed July, 2018
Project Opened Oct, 2018
Pre-Construction Rehab / Construction
Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Detroit, MI
SLF9
This project is a ground-up development of a transitional rehabilitation facility. The 37,470 sq. ft. state-of-the-art building located on 3.8 acres will provide short-term, post-acute care. The building features private suites, a spacious therapy gym, fine dining with chef-inspired menus, and a full-service nail and hair salon. Farmington serves as the commercial and healthcare hub of the Four Corners region and the site is located just 0.2 miles from the area’s largest hospital, San Juan Medical Center, which will drive significant demand. Construction for the project was completed in Q4 2018 with a projected opening in Q1 2019.
Farmington, NM
Care Type Transitional Rehab
Unit/Bed Mix 50 units, 50 beds
Project Cost $15,500,000
Investment Size $800,000
Funding Date Nov, 2017
Project Phase Completion & Licensing
Project Completed Q4 2018
Projected Opening Q1 2019
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
SLF10
This project is a ground-up development of an Assisted Living & Memory Care facility situated on a 4-acre parcel in the heart of Orange County, California in the City of Fountain Valley. Orange County is an institutionally attractive core market with strong economic, demographic, and market trends. The facility will feature private studios, one-bedroom and two-bedroom units for AL residents, and private and shared units for MC residents. Construction for the project commenced in December 2018 with a projected completion of Q3 2020.
Care Type: Assisted Living & Memory Care
Unit/Bed Mix: 145 units, 150 beds
Project Cost: $40,000,000
Investment Size: $1,500,000
July, 2018
Project Phase: Construction
Projected Completion: Q3 2020
Projected Opening: Q3 2020
Funding Date:
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Fountain Valley, CA
SLF11
*rendering
*rendering
Woodland Hills (LA), CA
The project in Woodland Hills is a Memory Care facility situated on a 1.51-acre parcel. Woodland Hills, located in the heart of Los Angeles, has favorable economic and market fundamentals, with household income averages far exceeding that of the Los Angeles area and the state of California. Approval for any new project in the Woodland Hills area is difficult to obtain, creating significant competitive barriers to entry. The market study shows strong unmet and ever-increasing demand for memory care in the area. The facility will break ground in January of 2019 with a projected opening date of April 2020.
*rendering
Care Type: Memory Care:
Unit/Bed Mix: 50 units, 60 beds
Project Cost: $16,800,000
Investment Size: $3,650,000
Aug, 2017
Project Phase: Pre-construction
Projected Completion: Q1 2020
Projected Opening: Q2 2020
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Funding Date:
SLF12
*rendering
Summerville, SC
The project in Summerville is a private pay ground-up development of an Assisted Living and Memory Care facility spanning 15 acres. The unique geography of Summerville, the high unmet need, and the lack of true competition in the area are key features of this project. Located in the Charleston, SC metro, the facility will be situated in a master planned community that includes two 55+ communities. Between 2010 and 2017, the Tri-County area surrounding the project experienced a 45% growth rate of the 65+ age demographic, much greater than the national average of 26.9%. In addition to the various regional medical centers, there are 9 full-service hospitals in the primary market area. Construction for the project will begin Q1 2019 with a projected completion date of Q2 2020.
*rendering
Pre-Construction Construction Completion & Licensing
Occupancy Ramp-Up
OccupancyStabilized
Exit
Care Type : Assisted Living & Memory Care
Unit/Bed Mix 104 units, 124 beds
Project Cost $35,950,000
Investment Size $3,100,000
January, 2019
Project Phase Pre-Construction
Projected Completion Q1 2020
Projected Opening Q2 2020
Funding Date
*rendering *renderingSLF13
Senior Living Fund IV USA - Anticipated Investments
Marana, AZ
Care Type: Assisted Living, Memory Care & Independent Living
Unit/Bed Mix: 145 units, 150 beds
Q1 2019
Project Phase: Pre-Construction
Projected Funding Date:
Breckenridge, MN
Care Type: Assisted Living & Memory Care
Unit/Bed Mix: 62 units, 84 beds
Q1 2019-Q2 2019
Project Phase: Construction
Projected Funding Date:
SLF14
