Seniors Housing

Overview

The seniors housing industry combines real estate, hospitality and resident healthcare. The market in the United States is highly fragmented with significant demographic tailwinds.

The investment team looks for seniors housing investment opportunities with a primary focus on independent living, assisted living and memory care communities that seek to provide investors with a diversified return profile including both current income and capital appreciation over time. The investment team’s aggregation style includes strategic diversification across geographies, best-in-class operators and the acuity spectrum.

Together, the investment team has led the successful sourcing, structuring, financing and closing of approximately $1.3 billion in seniors housing transactions across 8,500 beds. The investment team also has a history of identifying opportunities through its network of long-term relationships with owners and operators. In general, we target high quality transactions, typically between $10 million and $100 million, where value can be added through capital improvements and/or the investment team’s operator relationships.

Investment Team

Trent Johnson
Senior Managing Director

Trent was born and raised in Colorado Springs, Colorado. He attended Augsburg College in Minneapolis, Minnesota, graduated cum laude with a BA in Accounting and was a four-year hockey letterman. After graduating from Augsburg College in 1993, he returned to Colorado to attend the University of Denver College of Law where he graduated with a Juris Doctorate degree in 1996. After graduating law school, he spent the next eight years in private practice including five years with the Denver office of the national law firm Kutak Rock LLP where he represented clients in all aspects of real estate transactions and project finance. In 2004, he joined Apartment Investment and Management Company (“Aimco”; NYSE: AIV) as a transactional attorney and led real estate and corporate transactions. At Aimco, Trent participated in approximately $4 billion of multifamily real estate transactions. In 2012, Trent relocated to Dallas as Senior Vice President for Holiday Retirement, an affiliate of Fortress Investment Group LLC (“Fortress”). In 2013, he joined Fortress as Vice President and was promoted to Managing Director in 2014. During his tenure at Fortress, Trent helped lead approximately $800 million of seniors housing transactions across 15 states. Trent joined HMC in July 2015 and is a member of the Colorado and American Bar Associations.

 

tjohnson@harbert.net│469.804.3716

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Brian Landrum
Senior Managing Director

Brian was born and raised in Dallas, Texas. He attended The University of Texas at Austin (“UT-Austin”) and graduated magna cum laude with a BA in Economics and BBA in Finance in 1997. After graduating from UT-Austin, he worked at Goldman, Sachs & Co. in the real estate principal investment area and private wealth management group before attending Harvard Business School (“HBS”). After graduating from HBS in 2003, Brian joined Walton Street Capital (“WSC”) in Chicago as an associate and was promoted to Principal in 2006. While at WSC, he began in an asset management functional role and eventually led acquisitions in the seniors housing, student housing and market rate apartments sectors totaling approximately $1.3 billion of transaction value. In 2012, Brian relocated to Dallas as Executive Vice President – Investments for Holiday Retirement, an affiliate of Fortress. In 2013, he joined Fortress as Vice President and was promoted to Managing Director in 2014. During his career, Brian has been an integral team member across $1.5 billion of seniors housing transactions — $700 million at WSC and $800 million at Fortress — including personally sourcing $700 million of off-market deal generation. Brian joined HMC in September 2015 and is a CFA charterholder.

blandrum@harbert.net│214.756-6590

Matt Lucas
Vice President

Matt was born in Springfield, Illinois and raised in Milwaukee, Wisconsin. He attended the University of Wisconsin – Madison (“UW-Madison”) and graduated from the Wisconsin School of Business with a BBA in Real Estate and a BBA in Finance, Investment and Banking. After graduating from UW-Madison in 2004, he moved to Chicago and joined Brookdale Senior Living Inc. (“BKD”) as an Analyst. In addition to the closing of $174 million of acquisitions, he worked on BKD’s initial public offering in 2005. In 2008, Matt joined Ventas, Inc. (“VTR”) where he had a variety of roles in both asset management and acquisitions, specifically the $3.1 billion acquisition of Atria Senior Living and the $7.4 billion merger with Nationwide Health Properties (“NHP”). In 2012, Matt relocated to Dallas as an Associate for Holiday Retirement, an affiliate of Fortress. In 2013, he joined Fortress as Vice President. During his tenure at Fortress Investment Group LLC, Matt helped lead $1.3 billion of seniors housing transactions representing 52 assets. In 2016, he consulted with Artemis Real Estate Partners on their first dedicated health care fund and was focused on seniors housing acquisitions. Matt joined HMC in August 2016.

mlucas@harbert.net│469.804.3715

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Scott Corbin
Associate

Scott Corbin was born and raised in Yorba Linda, California. He attended Southern Methodist University in Dallas (“SMU”) and graduated from the Cox School of Business with a BBA in Finance. While attending SMU, Scott was a four-year soccer letterman and was captain of the soccer team. After graduating from SMU in 2008, he worked at ARA National Seniors Housing Group (“ARA”) as an Investment Sales Broker for three years and was directly responsible for $240 million of senior housing transactions. After ARA, Scott joined Cypress Equities as Development Manager where he focused on a variety of commercial real estate acquisitions and developments. In 2012, Scott joined Holiday Retirement as an Associate on the acquisitions team. In 2013, Scott joined Fortress as an Associate and was directly responsible for over $200 million of seniors housing transactions. Scott joined HMC in October 2015.

scorbin@harbert.net│469.804.3719

Jordan Redella
Associate

Jordan Redella was born and raised in Atlanta, Georgia. He attended The University of Georgia in Athens (“UGA”) and graduated from the Terry College of Business with a BBA in Finance & Banking in 2008. After graduating from UGA, he joined iHealth Technologies as a Jr. Financial Data Analyst and was promoted to a Financial Data Analyst after only six months of employment. In 2010, Jordan joined Fannie Mae (“FNMA”) in Washington, DC as a Credit Risk Analyst within the Multifamily Business Unit. While at FNMA, he participated in the Multifamily Corporate Rotational Program where he completed credit training and went on to work in both the Credit Review and REO groups. In 2012, Jordan joined Holiday Retirement as an Analyst on the acquisitions team. In 2013, Jordan joined Fortress as an Analyst and was promoted to an Associate in 2014. While at Fortress, Jordan was directly responsible for over $240 million of seniors housing transactions representing 1,700 beds across five states. Jordan joined HMC in August 2015.

jredella@harbert.net│469.804.3717

Investment Criteria

HMC’s seniors housing investment team seeks to diversify across operators, markets, investment risk and the acuity spectrum. We target acquisition and development opportunities to create value based on our knowledge of the complex operating environment found in the seniors housing industry. Certain of the targeted properties will be stabilized, but others may exhibit what we believe are correctable problems with occupancy, physical condition, capital structure, market position and/or property management. With respect to the latter category, the investment team intends to add value by working together with experienced operating partners to resolve these issues through targeted capital expenditures, focused property management, concentrated leasing strategies and may also involve repositioning the asset in the acuity scale to respond to localized demand and/or competition. Our investment process includes origination through active outreach and existing industry relationships, healthcare and real estate due diligence and property-specific asset management. We typically seek:

  • Transaction size: between $10 million to $100 million taking advantage of consolidation opportunities
  • Properties: primarily independent living, assisted living and memory care communities
    (Class A and B)
  • Locations: submarkets demonstrating strong age- and income-qualified demographics
  • Operating or development partners: with solid experience and track record in the specific acuity type targeted
  • Stabilized opportunities: including properties with best-in-class operators exhibiting consistent, reliable cash flow
  • Value-add opportunities: including repositioning of existing properties, management turnarounds and new development
  • Revenue mix: high private pay exposure
Contact
SENIORS HOUSING

200 Crescent Court, Suite 440
Dallas, Texas 75201

Contact:
Brian Landrum
Senior Managing Director
blandrum@harbert.net
214.756.6590