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NEW YORK CITY—Access Industries, an institutional real estate investment firm, and JEA Senior Living, a senior care provider, have teamed up to acquire and develop seniors housing nationwide.
Access industries has been eyeing needs-based real estate and has begun bulking up its portfolio with seniors housing communities, according to Jonah Sonnenborn, managing director and head of real estate at Access Industries. The partnership with JEA builds upon the firm's March acquisition of 10 JEA-owned senior living communities in Washington, Oregon, Texas, Tennessee and Indiana.
"We look forward to continuing to grow with JEA as it provides a superior product and service to its residents," Sonnenborn said in a statement.
Seniors housing acquisitions are favorable to the market, a recent Capital One Survey showed. Many long-term care executives are optimistic. The study found that 36% of surveyed executives believe that acquisitions offer the greatest growth opportunities, with 30% viewing redevelopment as the topmost choice.
Baby Boomers are a fast-growing demographic, requiring specialized attention like memory care that is not always within reach, Sonnenborn said. "As retirees live longer, we will do all that we can to ensure that they enjoy a secure, comfortable and productive lifestyle," he added.
As JEA expands, Access Industries investment will serve their plans to scale up to keep pace with the growing need. "Demand for our communities will rise in the coming years, and Access is well-positioned to help us reach potential new residents while maintaining the high standards we have set for ourselves," said JEA CEO Cody Erwin.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
