Source: Welltower / Oakmont Management Group
TOLEDO, OH – Welltower announced the expansion of its relationship with Oakmont Management Group. Through the acquisition of new management contracts, the partnership is expected to roughly double the size of Welltower and Oakmont's existing portfolio by the end of the third quarter in affluent markets across California.
Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate Class A communities to serve the seniors housing resident of the future, with a focus on highly specialized programming and resident health and wellness. Oakmont and Welltower expect to grow the partnership's footprint significantly over the next decade. The partnership will leverage Welltower's data analytics platform and innovative access to health and wellness partners and Oakmont's best in class operating platform. Additionally, the two companies have agreed to a strongly aligned RIDEA 3.0 management contract.
In a recently completed transaction, Oakmont and Welltower acquired Ivy Park at Otay Ranch, an assisted living and memory care community in San Diego, California. Ivy Park is the first of Oakmont's new brand, Ivy Living, which builds upon decades of operational excellence providing Oakmont the flexibility to pursue opportunities that have a different built environment.
"Oakmont Management Group is thrilled to be in this long-term partnership with Welltower and we firmly believe that our operating acumen combined with Welltower's significant edge in data analytics will create a formidable team," said Courtney Siegel, Oakmont President and CEO. "Welltower is a partner of choice in the seniors housing sector and we look forward to expanding our relationship in the years to come."
"We are delighted to announce the expansion of our partnership with Courtney and the Oakmont Management Group team through this exclusive agreement," said Shankh Mitra, Welltower's CEO and CIO. "Oakmont is one of Welltower's strongest performing operating partners. Courtney and her team are not only best in class operators but are also true partners. I could not be more excited to significantly grow our relationship through acquisition and development in California and other western states over the next decade."