TOLEDO, Ohio, Nov. 4, 2021 /PRNewswire/ -- Welltower
Inc. (NYSE: WELL) and Kisco Senior Living ("Kisco") today
announced the formation of a long-term strategic partnership,
building on the two companies' success from prior joint ventures.
The exclusive partnership, which brings together Kisco's next
generation senior housing and care model with Welltower's
unparalleled data analytics platform, has broken ground this year
on two premium seniors housing communities: The Carnegie at
Washingtonian Center and Phase Two of The Cardinal at North Hills,
both of which are located in super prime US micro markets.
Welltower and Kisco's first project, The Cardinal, is one of
the most successful senior living communities in the US, having
maintained occupancy in excess of 95% over the past five years and
returning to 100% occupancy in September
2021.
"We are excited to formally announce this long-term strategic
partnership alongside the ground-breaking of The Carnegie and Phase
Two of The Cardinal, which exemplify Welltower and Kisco's focus on
developing premier communities with first class amenities and care
in an inspirational environment," said Shankh Mitra, Welltower's
CEO and CIO.
The Carnegie, located in the heart of Gaithersburg, Maryland will feature up to
seven stories of 302 independent living, assisted living and memory
care residences and will offer residents state-of-the-art amenities
including multiple indoor and al fresco dining venues, an indoor
heated salt-water pool, leading-edge fitness center and spa along
with access to on site health care. The Carnegie will also provide
residents with unique lifestyle programing provided by Kisco,
inspiring a health and wellness focused approach to living while
enabling residents to age in place and improving overall quality of
life. The community will be developed and operated by Kisco under
an aligned RIDEA 3.0 management agreement.
Phase Two of The Cardinal is an 18 story tower with 191
residences, positioned as a luxury senior living community which is
scheduled to welcome residents in the Spring of 2023. This tower
phase of The Cardinal features five custom penthouse apartments on
the top floor and the third floor is designated as a club level
with concierge services and access to an expansive outdoor
courtyard area. Phase Two has already benefited from a significant
number of non-refundable deposits, expanding on the success of
Phase One. The total investment amount of the two projects
will exceed $325 million.
"The Carnegie and Cardinal will be signature communities," said
Andy Kohlberg, President and CEO of
Kisco Senior Living. "Kisco follows the simple philosophy of
putting our residents first. We're excited to bring a unique
lifestyle experience founded on our principles that promote the
health and wellbeing of residents. Welltower's cutting edge data
analytics platform, combined with Kisco's focus on the resident
experience will create a powerful platform to expand our existing
partnership and improve the health and wellness of our
residents."
Welltower and Kisco's existing portfolio has already surpassed
pre-COVID occupancy levels, reaching 97% in September. Kisco's
development and operations teams continue to work closely with
Welltower's data analytics and investment teams as the recently
announced long-term exclusive development partnership seeks to
expand this unique product and service offering across additional
super prime micro markets across the US in A++ locations. Mitra
added, "Kisco is a best-in-class operator and an important
Welltower partner. We look forward to growing our relationship
through this strategic partnership over the next decade with Andy
and his team."
Forward-Looking Statement
This press release may
contain "forward-looking" statements as defined in the Private
Securities Litigation Reform Act of 1995.
When Welltower uses words such as "may," "will,"
"intend," "should," "believe," "expect," "anticipate," "project,"
"estimate" or similar expressions that do not relate solely to
historical matters, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that may
cause Welltower's actual results to differ materially
from Welltower's expectations discussed in the
forward-looking statements. This may be a result of various
factors, including, but not limited to, those factors discussed
in Welltower's reports filed from time to time with
the SEC. Welltower undertakes no obligation to
update or revise publicly any forward-looking statements, whether
because of new information, future events or otherwise, or to
update the reasons why actual results could differ from those
projected in any forward-looking statements.
About Welltower
Welltower® Inc. (NYSE:
WELL), an S&P 500 company headquartered
in Toledo, Ohio, is driving the transformation of health
care infrastructure. The Company invests with leading seniors
housing operators, post-acute providers and health systems to fund
the real estate and infrastructure needed to scale innovative care
delivery models and improve people's wellness and overall health
care experience. Welltower, a real estate investment trust
("REIT"), owns interests in properties concentrated in major,
high-growth markets in the United States, Canada and
the United Kingdom, consisting of seniors housing, post-acute
communities and outpatient medical properties. More information is
available at www.welltower.com.
About Kisco Senior Living
Kisco Senior Living, based
in Carlsbad, California,
operates 20 full service senior living communities in six states
offering independent living, assisted living and in some locations,
memory care and skilled nursing. For more than 30 years, Kisco
Senior Living has specialized in developing and managing
full-service senior living communities with a portfolio featuring a
wide spectrum of individualized services and lifestyle options. Our
unique approach and philosophy, called Kisco Confidence, is
centered on giving residents and associates peace of mind knowing
that our communities deliver on safety and security, trust and
transparency, health and wellbeing and a 5-star lifestyle
experience. For more information, please call (760) 804-5900 or go
to kiscoseniorliving.com.
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SOURCE Welltower Inc.