Elancé at Alexandria is RUI's first senior living community under the new luxury brand, and the first in partnership with Welltower
TOLEDO, Ohio and ROANOKE, Va., Feb. 15, 2023 /PRNewswire/ -- Welltower® Inc (NYSE: WELL) and Retirement Unlimited Inc. (RUI), a family-owned and Virginia-based senior living community management company, announced today a robust programmatic partnership in the senior living space. The partnership began when RUI assumed management of the former Fountains at Washington House in Alexandria, Va., on November 15, 2022. With the management change, RUI also unveiled the community's new name – Elancé at Alexandria, which represents the first installment in RUI's new luxury brand of Elancé communities. The management change is part of a new partnership between RUI and Welltower, a real estate investment trust focused on data-driven and relationship-based investing. Welltower maintains a distinguished history of establishing long-term partnerships with leading seniors housing operators to enable further growth, innovation, and continuously improving care levels. A significant expansion in the programmatic relationship between Welltower and RUI is expected in the coming months and years through a robust pipeline of acquisition, transition, and development opportunities. The partnership is expected to grow to over 20 communities in the near term spanning multiple states throughout the East Coast.
"RUI is passionate about providing quality care, excellent customer service, and a luxurious lifestyle to senior communities throughout Virginia and Florida. We're honored to have the opportunity to bring that same passion to the Elancé at Alexandria community," said William Fralin, RUI's CEO. "At the same time, we're excited about our new partnership with Welltower, whose leadership position and innovation in senior housing investment will further enable RUI's continued growth in delivering a lifestyle that residents have earned and deserve."
"Welltower prides itself on partnering with industry-leading senior care providers and managers and we are extremely pleased to add Retirement Unlimited, with a 40-year track record of operating excellence, to the portfolio," said Shankh Mitra, Welltower's CEO. "William, Doris-Ellie and their entire team have distinguished themselves as best-in-class managers, with their currently managed properties outperforming their underlying markets and the industry with mid 90% occupancy, strong operating margins and differentiated programming such as RUI University. We are excited to partner with RUI on Elancé at Alexandria which is the first of many opportunities in the programmatic partnership's near-term pipeline."
In an effort to ensure a smooth transition, RUI's leadership team has been spending time at the community meeting with residents, families, and team members to gather and share information and has organized several Town Hall gatherings and one-on-one meetings.
"Plans are already underway at the Elancé at Alexandria community for numerous projects, including the rooftop showcase, new dining experiences, a fitness center, and renovations to the luxury salon and spa," explained Doris-Ellie Sullivan, RUI's President. "We will also be introducing our MYRUI app which will allow residents and families to view life-enrichment programming and Taste of RUI menus, schedule LUXE Unlimited Salon & Spa appointments and more. This is all part of RUI's diverse enrichment programs, social experiences, and levels of care that, together, take the senior living experience to the next level in a comfortable and elegant setting."
RUI's culture of resident-focused lifestyles and engagement is presented through signature programs that include:
This press release may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When Welltower uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate," "plan" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements, including, but not limited to, statements regarding the planned projects at the Elancé at Alexandria community and the expansion in the programmatic relationship between Welltower and RUI, are not guarantees of future performance and involve risks and uncertainties that may cause Welltower's actual results to differ materially from Welltower's expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, those factors discussed in Welltower's reports filed from time to time with the SEC. Welltower undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Retirement Unlimited, Inc. (RUI) is owned and operated by the Virginia families of Fralin and Waldron. Led by its third generation of Fralins and second generation of Waldrons, RUI currently has nineteen senior living communities located in Virginia and most recently Florida with several active development projects as well. Our communities offer Independent/Residential Living, Assisted Living, and memory care - Inspiritás – and a full spectrum of life enrichment programs including RUI University, lifelong learning, and continuing education programs. For more information visit www.rui.net.
Welltower® Inc. (NYSE: WELL), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The Company invests with leading seniors housing operators, post-acute providers, and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people's wellness and overall health care experience. Welltower, a real estate investment trust ("REIT"), owns interests in properties concentrated in major, high-growth markets in the United States, Canada, and the United Kingdom, consisting of seniors housing, post-acute communities and outpatient medical properties. More information is available at www.welltower.com.
SOURCE Welltower Inc.