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A few months before the close of 2021, Jennings Milholen, a senior analyst on Foundry’s Multifamily Investments Team in the Raleigh office, learned that a large seniors housing portfolio in the mid-Atlantic was potentially coming on the market. Jennings approached Senior Vice President Trey Riddle, MBA about the possibility, and before long, Kevin Maddron and Foundry’s Healthcare and Seniors Housing platform were brought up to speed.
Fast forward nine months and countless hours of behind-the-scenes conversations, planning, and logistics, and Foundry finalized its largest-ever acquisition in the company’s history, not only bringing on board 24 assisted living and memory care communities totaling over 1,400 units, but also welcoming 1,500 new associates into the Foundry family.
“When evaluating potential investment opportunities, it’s important we find organizations with a similar culture fit, as relationships and building something different are what drives us,” said Paul Ellis, CEO of Foundry Commercial. “It was clear from the start that the Spring Arbor Senior Living team shares our passion for treating others the way we want to be treated, and takes great pride in what they do, providing exemplary care to the residents in each of the Spring Arbor communities. We’re thrilled to welcome these communities and the talented teams operating them to the Foundry family.”
Fortunately, the acquisition also included the long-time successful operator of the Spring Arbor Living platform, who has continued – and will continue – managing the properties in North Carolina, Virginia, and Maryland. That entity is led by President Greg Fox, a nearly 30-year veteran in the industry, and employs some of the most committed professionals in seniors housing and care.
“It is no secret that the past few years have been challenging, to say the least, within our industry,” stated Fox, who has been with the organization for over 8 years. “It’s an amazing feeling to know that our platform is becoming a part of a company that cares so deeply for people – whether that be team members, residents, or family members – and we’re all very excited about what the future holds for Spring Arbor.”
Over the past year, a number of Foundry associates have had the opportunity to work alongside Spring Arbor Senior Living team members, and some have even had the chance to experience the culture of caring within Spring Arbor’s senior living communities firsthand.
In a recent Front Porch Friday newsletter, Chief Strategy Officer Nick McKinney noted: “I thought I knew what ‘It’s Personal’ was all about until I walked through the doors of a Spring Arbor community… As we walked through the front door, something happened that will be forever imprinted in my mind. We were given the red-carpet welcome. We really did feel like we were on the red carpet, like we were the most important people in the world. Each staff member introduced themselves and shared a little about what they do and what they love about the community. That’s what every new resident receives when they come to [that community] for the first time. Imagine if you were assisting your parent or grandparent into a community and they were welcomed in this fashion? It was such an illustration of an ‘It’s Personal’ environment that was found and observed in a thousand different ways through the property. From how they speak and interact with the residents, from the weight and emotions that are felt when a family is leaving their loved one for the first time in a memory care community, to the staff leading the residents through an activity. [We] have often said that a culture is not formed from grand gestures, rather it is built by the aggregation of small interactions on a daily basis. And our new Spring Arbor teammates are living that every day.”
It is no accident that Spring Arbor Senior Living’s recently unveiled new tagline is “Leading with Heart. Because It’s Personal.” As a part of the broader Foundry family, we are all one team, working towards leaving a lasting legacy on those we are privileged to serve.
While the day-to-day job functions and activities of our Spring Arbor associates may look a bit different than what we’re used to in the commercial real estate space, all associates are encouraged to dig a little further into what makes the Spring Arbor team so special, in hopes that you, too, will learn more about how well they are caring for others, and how proud they are to be a part of Foundry.