Care is an operating business before it is an asset.
We own and operate senior living communities in markets we know. Ownership is indefinite, the operating model is ours, and the underwriting starts with the residents rather than the exit.
- Role
- Owner & operator
- Geography
- Michigan & the Midwest
- Hold period
- Indefinite
- Capital
- Balance sheet
Communities owned and operated for the long term, underwritten on care quality first and census second.
Demographics are the easy part of this thesis; everyone can read the same population curve. The hard part is operating: staffing, licensure, reimbursement, culture and the daily standard of care that determines whether a community fills. We took the operating risk ourselves rather than renting it from a third-party manager, which means our capital and our operating judgment sit in the same place. That is also why we are a credible partner to operators who need a landlord or a balance sheet that understands what they actually do.
How we underwrite
Care quality as the leading indicator
Survey history, staffing ratios and resident outcomes are diligence items, not compliance items. A community that cares well fills; a community that fills without caring well eventually empties.
Markets we can drive to
Concentration in the Midwest is deliberate. Referral relationships, labor markets and regulators are local, and proximity is an operating advantage rather than a limitation.
Capital structures that survive census swings
We underwrite the trough, not the stabilized pro forma. Leverage is sized so an occupancy shock is an operating problem rather than a solvency event.
Succession and transition situations
Family-owned communities, distressed operators and portfolios needing recapitalization, situations where certainty of close protects continuity of care.
How a position in this platform is actually built.
Structure, position and behavior after close, stated plainly, because that is what a counterparty is really evaluating.
- Transaction types
- Acquisitions of stabilized and transitional communities, sale-leasebacks with operators, development and repositioning, and recapitalizations of existing ownership.
- Position
- Control equity in most cases, with operating responsibility held by an affiliated management platform under WRG oversight.
- Check behavior
- Sized to conviction and operating capacity, with retained follow-on capital for capital expenditure, expansion and downside support.
- Exit
- None scheduled. We sell only when ownership is no longer the best use of the community.
If you operate communities and need a balance-sheet partner who will not push you to sell in three years, this is the conversation to start.