Copper Ridge Health and Rehabilitation Center – Butte, MT; In August 2008, CRMS took over management of Copper Ridge Health and Rehabilitation Center (“Copper Ridge”) a 102 bed (state licensed for 186) located in Butte Montana. In August 2009, Copper Ridge completed a $3.6 million renovation with new dining facilities, entrance, and a replacement of the flooring and wall coverings throughout the building. When CRMS took over management, Copper Ridge had 39 residents. Copper Ridge should reach 95% stabilized occupancy by December 2010. At this level Copper Ridge will have increased revenues by 140%, from $245,000 to $586,000 per month.
Click here to visit the Copper Ridge online.
Golden
Pond – Sacramento, CA; CRMS formed a limited liability company in October 1997 to acquire Golden Pond. Principles of CRMS are responsible for managing this community. During due diligence, CRMS identified that significant growth potential existed within the community. Golden Pond was being operated as an independent living community only with very limited services. From prior experience, CRMS knew that licensing the facility for assisted living would increase revenues, occupancy and dramatically improve the average length of stay for residents. Golden Pond’s assisted living population has grown from zero in 1997 to its current level of 60 residents.
Over the past ten years Golden Pond has maintained approximately a 95% occupancy rate significantly improving the facilities operating margins. Revenues grew by 150% within three years of acquisition to $175,000 per month. Improvements were also made by adding a new entry linking the assisted and independent living phases of the facility, giving the property much better curb appeal. The new entry also allowed an additional 5 assisted living units to be built, increasing both capacity and revenue. These improvements modernized the facility and dramatically improved competitiveness within the market place.
Click here to visit the Golden Pond online.
Inglenook at Brighton – Brighton, CO; Inglenook at Brighton was acquired by a limited liability company formed by CRMS in March 2004 and offers independent living and assisted living services to seniors in the surrounding community. Principals of CRMS are responsible for managing this community. During the due diligence process, CRMS identified a demand for additional assisted living units in the market place. CRMS determined that lack of fire sprinkler system would prevent the fire marshal from increasing the number of licensed units at the facility. By installing a fire sprinkler system, 47 independent living units were changed to assisted living units. This change allowed higher rents to be charged and was the primary driver in a 33% increase in revenue at the facility since acquisition. CRMS was also created an In Home Supportive Services Program marketed to residents and surrounding community that increased revenue by approximately $480,000 annually.
Click here to visit the Inglenook at Brighton online.
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