Cascadia uses Good Sam to buy 10 properties and expand Senior Living Platform

Seizing opportunities ahead of future demographic shifts, Cascadia Healthcare is launching a seniors platform after acquiring real estate from the Evangelical Lutheran Society of the Good Samaritan.

Cascadia, based in Eagle, Idaho, has acquired 10 properties from Good Samaritan, which recently announced its consolidation from 22 states to seven. Three of Cascadia’s recently acquired properties are in Idaho, three in Oregon, two in Washington, and one in Montana. Good Samaritan previously leased another portfolio building to Cascadia between Fall 2021 and Summer 2022.

Neither Good Sam nor Cascadia have released financial information about the recent deal. All transition communities include skilled care, and six have IL and AL components.

The new acquisitions will serve as a launch pad for Cascadia’s growing private services brand for the elderly, Olympus Retirement Living. The new operator is headed by director Tim Nelson. Nelson previously worked with the Pennant Group (NASDAQ: PNTG) and Ensign Group (NASDAQ: ENSG).

According to Cascadia’s director of corporate affairs and general counsel Steve Laforte, the plan that Cascadia has been honing for two years is to assemble a portfolio of IL, AL, and memory care communities.

“The initial key goals are to launch the platform and do it in a way that creates geographic synergy with the rest of our operators,” Laforte told Senior Housing News.

Cascadia’s current portfolio includes 37 buildings in Arizona, Idaho, Montana, New Mexico, Oregon and Washington, and the company’s latest acquisition has added density to Cascadia’s regional operating model.

Cascadia is building the platform for the same reason many older living operators do: because its leaders see the demographic wave is about to come to a head with the arrival of the baby boomers.

“The opportunity was there,” Laforte said. “It was the right time that we started to see some additional asset acquisitions and everything fell into place.”

Cascadia plans to retain staff at the acquired facilities. For now, the company is focused on regional operations.

“One of the things that was important to us was having talent in the buildings so we could develop the culture,” Laforte said.

Meanwhile, Good Samaritans’ move came after CEO Nate Schema said the company’s consolidation provided an opportunity to reinvent care by “revitalizing” the integrated care model.

“We see this as an opportunity to reinvest and we can bring all of these resources together in the community and that is where we see our opportunity,” Schema told SHN sister publication Skilled Nursing News.

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