Erickson Senior Living

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Erickson Senior Living
Industry Retirement community owner, manager, developer
Founded1983
Headquarters
Key people
R. Alan Butler, CEO
Debra B. Doyle, COO
Christian Sweetser, CFO
ServicesIndependent living, assisted living, memory and skilled nursing care
Parent Redwood Capital Investments LLC
Website www.ericksonseniorliving.com

Erickson Senior Living is an owner, manager and developer of retirement communities in the United States. It provides independent living, assisted living, memory and skilled nursing care, managing 20 campus-style retirement communities in 11 states. Headquartered in Catonsville, Maryland, it employs 14,000 people for 24,000 residents as of 2017. [1]

Contents

Company history

Erickson Senior Living was founded in 1983 by John C. Erickson as Erickson Retirement Communities. [2] The first location was a conversion of a Baltimore seminary in Catonsville, Maryland. [3] By 2009, Erickson operated a billion-dollar portfolio of properties in states from Massachusetts to Texas. [4]

Erickson filed for Chapter 11 in 2009. [5] The majority of that company's assets were purchased by Redwood Capital Investments LLC for $365 million, and a new Erickson Living company was created as a subsidiary of Redwood Capital Investments LLC. [6] [7] [8] The company was renamed to Erickson Senior Living in 2021. [9]

In 2017, Erickson invested $47.5 million to expand its original Charlestown campus. [10]

In 2022, Redwood Capital Investments added an ownership stake in LCS, another senior living provider. [11]

Properties and services

Erickson Senior Living owns, manages, and operates campus-style retirement communities that provide independent living, assisted living, memory and skilled nursing care. [12] Residents pay a fee an upfront deposit to secure an apartment home and a single monthly fee to cover most living expenses. Residents pay only for services they want or need [13] and if a resident moves out or dies, a percentage of the deposit is returned to them or their heirs when a new tenant for the apartment is found. [2] [14] As of 2018, Erickson had 20 managed communities in eleven states. [12]

Awards and recognition

In 2015, Erickson Senior Living was ranked as one of the top 10 senior living providers in the Assisted Living Federation of America's (ALFA) annual ranking of senior living providers by resident capacity. In that same listing, Erickson Senior Living ranked in the top five of independent living providers. [15] In 2022, the American Seniors Housing Association (ASHA) ranked Erickson Senior Living as 14th largest senior housing owner and 5th largest senior housing operator in the ASHA 50, a listing of the largest owners and operators of senior housing communities in the United States. [16]

Related Research Articles

<span class="mw-page-title-main">Catonsville, Maryland</span> Census-designated place in Maryland, United States

Catonsville is a census-designated place (CDP) in Baltimore County, Maryland. The population was 44,701 at the 2020 US Census. The community is a streetcar suburb of Baltimore along the city's western border. The town is known for its proximity to the Patapsco River and Patapsco Valley State Park, making it a regional mountain biking hub. The town is also notable as a local hotbed of music, earning it the official nickname of "Music City, Maryland." Catonsville contains the majority of the University of Maryland, Baltimore County (UMBC), a major public research university with close to 14,000 students.

<span class="mw-page-title-main">University of Maryland, Baltimore County</span> University in Catonsville, Maryland, US

The University of Maryland, Baltimore County (UMBC) is a public research university in Catonsville, Maryland named after Baltimore County. It had a fall 2022 enrollment of 13,991 students, 61 undergraduate majors, over 92 graduate programs and the first university research park in Maryland. It is classified among "R1: Doctoral Universities – Very High Research Activity".

<span class="mw-page-title-main">Assisted living</span> Housing facility for people with disabilities

An assisted living residence or assisted living facility (ALF) is a housing facility for people with disabilities or for adults who cannot or who choose not to live independently. The term is popular in the United States. Still, the setting is similar to a retirement home, in the sense that facilities provide a group living environment and typically cater to an older adult population. There is also Caribbean assisted living, which offers a similar service in a resort-like environment.

<span class="mw-page-title-main">Retirement community</span> Town or housing complex for older adults who are generally able to care for themselves

A retirement community is a residential community or housing complex designed for older adults who are generally able to care for themselves. Assistance from home care agencies is allowed in some communities, and activities and socialization opportunities are often provided. Some of the characteristics typically are: the community must be age-restricted or age-qualified, residents must be partially or fully retired, and the community offers shared services or amenities.

<span class="mw-page-title-main">St. Charles College (Maryland)</span> Historic district in Maryland, United States

St. Charles College was a minor seminary in Catonsville, Maryland, originally located in Ellicott City, Maryland.

<span class="mw-page-title-main">Chartwell Retirement Residences</span>

Chartwell Retirement Residences is the largest provider of seniors' housing in Canada, serving over 25,000 residents across Quebec, Ontario, Alberta, and British Columbia. Chartwell offers a range of seniors housing communities, from independent living to assisted living.

<span class="mw-page-title-main">Atria Management Company</span> American senior living management company

Atria Management Company, LLC (AMC) is a subsidiary of Atria Senior Living, Inc. (ASL). Along with another subsidiary of ASL, Atria Management Company manages independent living, assisted living, supportive living, and memory care communities in more than 344 locations in 44 U.S. states. In Canada, ASL subsidiary Atria Management Canada, ULC manages 29 Atria Retirement communities in seven Canadian provinces. Collectively, Atria communities are the residence of choice for approximately 40,000 senior adults and the company employs more than 14,000 staff. Atria is based in Louisville, Kentucky.

The American Seniors Housing Association (ASHA), created in 1991, is a business association for senior housing providers. It claims to be the "premier source for research, conferences and advocacy." ASHA's membership consists of around 400 companies that operate, develop, and finance various aspects of seniors housing. ASHA's membership owns and/or manages more than 600,000 units of senior apartments, independent living, assisted living, and continuing care retirement communities.

<span class="mw-page-title-main">Four Seasons Health Care</span>

Four Seasons Health Care is a British provider of health and social care services. It also owns The Huntercombe Group, a provider of inpatient mental healthcare and brain injury rehabilitation as well as care home operator brighterkind. Four Seasons, as it is today, was created both organically and by the buying out of smaller chains of care homes and rebranding them, as evidenced by the takeovers of Tamaris and Bettercare. At its largest it was the second-biggest care home operator in the UK.

Brookdale Senior Living Solutions owns and operates retirement homes across the United States. The company was established in 1978 and is based in Brentwood, Tennessee. It is the largest operator of senior housing in the United States, with over 60,000 residents.

<span class="mw-page-title-main">Continuing care retirement communities in the United States</span>

A continuing care retirement community (CCRC), sometimes known as a life plan community, is a type of retirement community in the U.S. where a continuum of aging care needs—from independent living, assisted living, and skilled nursing care—can all be met within the community. These various levels of shelter and care may be housed on different floors or wings of a single high-rise building or in physically adjacent buildings, such as garden apartments, cottages, duplexes, mid- and low-rise buildings, or spread out in a campus setting. The emphasis of the CCRC model is to enable residents to avoid having to move, except to another level of care within the community, if their needs change.

Kisco Senior Living, based in Carlsbad, California, has 35 full service senior living communities in 12 states offering independent living, assisted living, and in some locations, memory care.

Holiday Retirement, originally known as Holiday Management Company, is a U.S. senior living management company with headquarters in Winter Park, Florida. Founded in 1971 by William E. Colson and his father, Hugh Colson, Holiday Retirement is a privately held company that currently manages 240 retirement communities with over 25,000 total residents, making it one of the largest providers of independent senior living.

<span class="mw-page-title-main">Independent senior living</span>

Independent senior living communities are housing designed for seniors 55 and older.

Acts Retirement-Life Communities (Acts), based out of Fort Washington, Pennsylvania, is the third largest not-for-profit owner, operator and developer of continuing care retirement communities (CCRCs) in the United States. Acts Life Care® communities provide independent living residences for people age 62 and above, with access to assisted living and skilled nursing care services, usually on the same campus.

The Erickson School of Aging at the University of Maryland, Baltimore County was founded in 2004 by John C. Erickson, with a $5 million gift from Catonsville-based Erickson Living. Erickson Communities now has more than 18,000 residents living in a nationwide network of communities.

<span class="mw-page-title-main">Sunrise Senior Living</span> North American elderly care homes operator

Sunrise Senior Living is an American operator of senior living communities. As of 2022, it operates over more than 270 assisted living facilities throughout the United States and Canada making it the sixth-largest senior living provider in the U.S.

Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. It is ranked 583rd on the Fortune 500. As of December 31, 2022, the company had investments in approximately 3,000 properties, all of which were in the United States, Canada, and the United Kingdom.

<span class="mw-page-title-main">Granger Cobb</span> American corporate executive

Granger Cobb was an American retirement community executive who built the largest assisted living company in the United States. From one retirement community and through four large mergers and acquisitions, Cobb became the president and chief executive officer of Emeritus Senior Living with 521 retirement communities employing 31,000 people nationwide. He served in that role until Emeritus was acquired by Brookdale Senior Living on July 30, 2014. Cobb became a member of the board of directors of Brookdale.

<span class="mw-page-title-main">Sienna Senior Living</span>

Sienna Senior Living Inc. is a Canadian publicly traded senior housing company based in Markham, Ontario. As at 31 December 2019, the company owned and operated 70 seniors’ living residences in addition to managing 13 residences for third parties; all were located either in Ontario or B.C. In Ontario, Sienna was the largest long-term care operator. The company is listed on the Toronto Stock Exchange.

References

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  12. 1 2 Arcieri, Katie (November 9, 2018). "Erickson hopes to move forward with 78-acre retirement community near George Mason". Washington Business Journals.
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