May 26, 2015, Tim Mullaney, Senior Housing News - An established senior living developer known for its high-end, technologically sophisticated communities is aiming to take its portfolio to the next level by creating a whole new company focused exclusively on these types of properties. Houston-based PinPoint Commercial, LP does industrial, medical, retail and land development, and also currently has a roughly $160 million portfolio of eight assisted living and memory care facilities in Florida, Georgia, Louisiana and Texas. With four additional properties under developmentâ€”including its first in New Mexicoâ€”the company now has decided that its senior living business deserves an even more dedicated focus.
"It's really taking on a life of its own," PinPoint Principal Charles Turner, president of the new senior living company, tells SHN. "We wanted to staff [PinPoint Senior Living] separately and fund it separately so that it gets the utmost focus."
The four new communities will be located in the Texas cities of Amarillo, El Paso and Lubbock, and in Santa Fe, N.M. Each will have 86 units and include three levels, for residents with few care needs, those who need more assistance, and those with memory care needs. The company plans for groundbreaking to occur between August and November, Turner says.
Thrive Senior Living operates all of the existing PinPoint communities. Other operators could work with PinPoint Senior Living in the future, according to Turner.
"We are exploring a lot of different options at this point," he says.
Going forward, the plan is to continue to develop three to five properties each year, with a similar profile as those currently in the pipeline, Turner says. However, PinPoint Senior Living will have the kind of access to capital that could give it significant flexibility. Thus far, PinPoint has not sought institutional investors but has worked exclusively with high net-worth individuals.
"So long as we continue to be successful, the capital will be there," Turner says. "However, just because we have access to capital does not mean we will build. I see too many getting into this game simply because they have access to money. They have to be smart projects."
At least in the short term, PinPoint Senior Living will stick with new construction projects in the Southeast, as it has in building up its existing portfolio. However, acquiring existing portfolios could be an option in the future, Turner says.
Another incentive for PinPoint to create the separate senior living company: The developer also is interested in potentially investing in technology companies creating products for the senior housing space. Its communities could be potential pilot sites for promising tech, in keeping with PinPoint's reputation as a tech-savvy company, Turner says.
"We put more tech into our communities than I believe anybody else does," Turner says. "In PinPoint Senior Living, we're looking to develop an investment arm so that as we see new, exciting technology, we can put some money behind that and back them. Maybe we can help take products to market."
PinPoint's 164-bed Legacy at Falcon Point facility in Katy, Texas, is representative of the developer's technology focus. It is a "second generation building," Turner told SHN shortly before the Thrive Senior Living-operated community opened its doors in the autumn of 2014.
Among the tech at the facility: a Next Generation Electronic Health Record platform from LG CNS, which serves as a hub and integration platform for various other technologies; a point-of-care solution and nurse call system that eliminates pagers and enables caregivers to locate residents on the grounds; senior-friendly tablets that allow residents to easily connect with family and friends; and fitness tracker wristbands that provide data both to residents and staff.
In addition to their tech focus, PinPoint communities are noted for their Concierge Senior Living approach, which caters to each resident's individual needs.