Senior Residential Company Expects Continued Growth
(rendering courtesy of Hellenic Senior Living of Mishawaka)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFishers-based AHEPA Affordable Housing Management Co. says it expects to double in size by year’s end, and two recent transactions in northern Indiana is helping to steer the growth. AMC says it has reached an agreement with Gardant Management Solutions to assume management of Hellenic Senior Living of Mishawaka, an assisted living community with 136 units. The complex, which will operate as Hellenic Management Inc, offers low-income seniors access to affordable apartment-home living.
Also in St. Joseph County, the company was recently awarded a nearly $8 million grant to build new 80-unit affordable multifamily housing for the elderly in South Bend.
“We are excited to meet our goal to expand our management portfolio of affordable assisted living communities in addition to being their owner,” said AMC President and Chief Executive Officer Steve Beck. “Our residents are provided with quality round-the-clock services that help them to maintain their independence by assisting with their activities of daily living.”
In addition to those properties, the company also runs senior housing facilities in Indianapolis, New Albany and Elkhart, which the company assumed management in August. It now has 532 units, but it has a waitlist of exceeding 4,100 residents.
Beck says AMC projects to double in size, going from 300 employees to 550 by the end of the year.
“Our company is positioned for growth to meet the needs of this expanding demographic. During the pandemic, our occupancy rate remained steady at 98.5%,” said Beck.