Independent & Assisted Living Partnership
I own some land next door to a Skilled Nursing home who also has an Independent Living Facility. They are in a situation where their facility is older and are looking to remodel as well as expand because they're turning away 3-5 quality prospects a month. They have bascially run out of room and they have approached me to purchase some of the land I own...however...they aren't too aggressive and lowballed me as well. I told them I am thinking about building some condo's or senior independent apartment pods. They mentioned they had the same idea in that type of development to add to their array of services.
We talked a little about this topic in a different thread - 'Assited Living Facility Questions'
Now my question is, how would I go about partnering with this company? I have experience in development/construction and could build these places fairly reasonable but would be a significan investment. I was thinking about building 2-3 unit pods for independent people to rent or my thinking is, this Company could somehow oversee or manage the units/people and lease the property from me...?
Not sure what the right answer is but looking for people who may have experience in developing these types of facilities/condos or who have partnered with Senior Care and leased out property.
Sorry to be long winded but hope it makes sense. Thanks.