Erickson Senior Living

Erickson Senior Living
IndustryRetirement community owner, manager, developer
Founded1983
Headquarters
Catonsville, Maryland
Key people
R. Alan Butler, CEO
Debra B. Doyle, COO
Christian Sweetser, CFO
ServicesIndependent living, assisted living, memory and skilled nursing care
Number of employees
17,000+
ParentRedwood Capital Investments LLC
Websitewww.ericksonseniorliving.com

Erickson Senior Living is an owner, manager and developer of retirement communities in the United States. It provides independent living, assisted living, memory and skilled nursing care, managing 20 campus-style retirement communities in 11 states. Headquartered in Catonsville, Maryland, it employs over 17,000 people for 24,000 residents as of 2024. [1]

Company history

Erickson Senior Living was founded in 1983 by John C. Erickson as Erickson Retirement Communities.[2] The first location was a conversion of a Baltimore seminary in Catonsville, Maryland.[3] By 2009, Erickson operated a billion-dollar portfolio of properties in states from Massachusetts to Texas.[4]

Erickson filed for Chapter 11 in 2009.[5] The majority of that company's assets were purchased by Redwood Capital Investments LLC for $365 million, and a new Erickson Living company was created as a subsidiary of Redwood Capital Investments LLC.[6][7][8] The company was renamed to Erickson Senior Living in 2021.[9]

In 2017, Erickson invested $47.5 million to expand its original Charlestown campus.[10]

In 2022, Redwood Capital Investments added an ownership stake in LCS, another senior living provider.[11]

Properties and services

Erickson Senior Living owns, manages, and operates campus-style retirement communities that provide independent living, assisted living, memory and skilled nursing care.[12] Residents pay a fee an upfront deposit to secure an apartment home and a single monthly fee to cover most living expenses. Residents pay only for services they want or need[13] and if a resident moves out or dies, a percentage of the deposit is returned to them or their heirs when a new tenant for the apartment is found.[2][14] As of 2018, Erickson had 20 managed communities in eleven states.[12]

Awards and recognition

In 2015, Erickson Senior Living was ranked as one of the top 10 senior living providers in the Assisted Living Federation of America's (ALFA) annual ranking of senior living providers by resident capacity. In that same listing, Erickson Senior Living ranked in the top five of independent living providers.[15] In 2022, the American Seniors Housing Association (ASHA) ranked Erickson Senior Living as 14th largest senior housing owner and 5th largest senior housing operator in the ASHA 50, a listing of the largest owners and operators of senior housing communities in the United States.[16]

References

  1. ^ Bowers, Lois A (September 5, 2017). "Senior living companies launch Harvey relief efforts as Irma looms -". McKnight's Senior Living.
  2. ^ a b Semerad, Tony (September 24, 2018). "Unlike anything in Utah, this huge new retirement community offers a 'life plan'". The Salt Lake Tribune.
  3. ^ Marbella, Jean (June 7, 2013). "Charlestown Ages Gracefully". The Baltimore Sun.
  4. ^ Hancock, Jay (October 21, 2009). "Erickson's smart bets soured along with nation's economy". The Baltimore Sun.
  5. ^ Hilzenrath, David S. (December 24, 2009). "Erickson Retirement Communities to be sold to Redwood Capital". The Washington Post.
  6. ^ Troianovski, Anton; Lattman, Peter (December 24, 2009). "Erickson Auction Revives Interest in Senior Housing". Wall Street Journal - Eastern Edition. Vol. 254, no. 149. pp. B3. Retrieved May 28, 2023.
  7. ^ Holman, Kelly (April 26, 2010). "Erickson Emerges from Bankruptcy". Mergers & Acquisitions Report. Vol. 23, no. 17. p. 27. Retrieved May 28, 2023.
  8. ^ Alyssa, Gerace (April 8, 2012). "On the Record: Adam Kane, SVP of Corporate Affairs at Erickson Senior Living - Senior Housing News". Senior Housing News. Retrieved September 6, 2017.
  9. ^ "Welcome to Erickson Senior Living". Erickson Senior Living. April 28, 2021. Retrieved December 31, 2021.[better source needed]
  10. ^ Simmons, Melody (August 1, 2017). "Erickson Senior Living launches $47.5M expansion of Charlestown campus". Baltimore Business Journal.
  11. ^ Mullaney, Tim (January 3, 2022). "Senior Living Giant LCS Recapitalizes With Redwood, McCarthy, Employee Owners". Senior Housing News. Retrieved April 27, 2023.
  12. ^ a b Arcieri, Katie (November 9, 2018). "Erickson hopes to move forward with 78-acre retirement community near George Mason". Washington Business Journals.
  13. ^ The SAGE Handbook of Social Gerontology. SAGE. 2010. p. 488. ISBN 9781446248393. Erickson Retirement.
  14. ^ Hilzenrath, David S. (October 31, 2009). "Retirement can be only as secure as your retirement home". The Washington Post. Retrieved January 28, 2021.
  15. ^ Study, Emily (March 26, 2015). "The Top-10 Largest Senior Living Providers in 2015 - Senior Housing News". Senior Housing News. Retrieved January 11, 2018.
  16. ^ "ASHA, Seniors Housing Business Release 2022 List of Largest Owners, Operators" (PDF). American Seniors Housing Association. Retrieved April 28, 2023.