Case Study

Gull Creek

Rental IL, AL and Memory Care | Berlin, Maryland

In October 2014, Solvere Living was engaged to manage this Eastern Shore community which was purchased out of bankruptcy. We rebranded and developed a capital budget to increase the number of assisted living and memory care units, as well as to enhance the resident experience. Total AL/MC census is now at 90% and the community is generating new records each month with revenue. In fact, monthly revenues have increased over 26% since Solvere has taken over the project. With budgeted rental increases we anticipate incremental revenues of an additional 5%. NOI at this community has more than quadrupled and valuation has increased 33% based upon an 8.5 capitalization rate.

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