2021 Year in Review: Richard Foster, Cedar Communities December 28, 2021 - Spotlights Richard Foster Chief Executive Officer Cedar Communities What are your predictions for your industry in 2022? I believe senior housing as an asset class will continue to see increased occupancy numbers. Additionally, I believe interest rates will start to rise in 2022, which will reduce some of the cap rate compression that has existed in the industry, creating more buying opportunities for growing firms and increased transaction activity. I also believe the overall rise in interest rates coupled with changes in more national fiscal plans will result in an [...]
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Name: Richard Foster Title: CEO Company Name: Cedar Communities What recent project, transaction or accomplishment are you most proud of? We recently completed a refinance of an asset that was appraised for roughly two times what we purchased it for just two years ago. Despite COVID, our leadership team has been steadfast at growing occupancy in this community which contributed to its successful and substantial market cap increase and refinance. Any financing during COVID is challenging but financing a healthcare facility during COVID presented its own unique set of variables that we successfully overcame. I’m incredibly proud of the entire Cedar [...]
Cedar Communities Acquires Mulberry Grove Senior Living in Statham, Georgia. Mulberry Grove makes Cedar's 8th Long Term Care Facility acquisition and 7th asset their current portfolio. Boutique long term care facility owner-operator Cedar Communities is proud to announce the acquisition of Mulberry Grove Senior Living. This 42-unit facility brings Cedar's total unit count to 250. Cedar has carved out a niche within the senior living space building a portfolio of boutique, bed and breakfast style facilities that are corner stones within their local communities. Richard J. Foster, Cedar Communities CEO says, "We are thrilled with our latest acquisition. This new facility [...]
Cedar Communities Announces Portfolio-wide Facility Vaccination Program All Six Cedar Facilities Receive Vaccination to Prevent COVID-19 (Jericho – New York) Cedar Communities is proud to announce that the following long term care facilities have received the COVID-19 vaccine: Bountiful Hills Senior Living in Commerce Georgia, Birch Gardens Assisted Living in Staunton, Virginia, Tranquility of Cartersville in Cartersville Georgia, Birch Ridge Assisted Living in Staunton Virginia, Brookside Commerce in Commerce Georgia and Brookside Stone Mountain in Stone Mountain Georgia. These facilities received the vaccine from pharmacies including Omnicare CVS Health, Lacey Drug Company, Managed Health Solutions and Homer Drugs. Cedar Communities Chief [...]
Richard Foster, Cedar Communities Name: Richard Foster Title: Chief Executive Officer Company Name: Cedar Communities What was the most challenging part of working during the pandemic? Our greatest challenge was completely changing the way we market our facilities without the ability to do in-person tours or market locally with boots on the ground. We tackled this challenge head-on; ramping up digital marketing efforts from the outset of the pandemic and transitioning to facetime/zoom tours with all prospective residents. Prior to COVID-19 being declared a pandemic, we proactively sent laptops to each of our buildings, easily allowing our residents to keep in [...]
Cedar Communities Announces Cartersville, Georgia Acquisition Cedar Communities is proud to announce their latest acquisition, "Tranquility of Cartersville". The facility, located in Cartersville, Georgia, is exceptionally renovated with a glowing local community reputation. The building has 25 units with 32 beds consisting of both personal care and memory care. Rich Foster, Cedar Communities CEO says, "This acquisition fits into our strategy of acquiring boutique sized facilities across the Southern part of the United States. This property is a welcomed addition to our portfolio". Cedar Communities seeks to acquire small to mid-sized assisted living facilities throughout the Southern part of the United [...]