Multi-phased reinvention for the Osborn, beginning with an interiors master plan, encompassed individual residences and common spaces for multiple levels of care. The updates helped this provider transform outdated interiors and facilities, increase occupancy and resident satisfaction, and ultimately improve their financial standing.
Multi-phased Incremental Updates
Incremental updates to resident apartments in multiple buildings focused primarily on updating kitchen and bathroom spaces to meet consumer expectations and improve accessibility. Recognizing a growing need, the Osborn converted seven one bedroom apartments on the lower level of one of its buildings into a dedicated assisted living memory care neighborhood. Likewise, two smaller apartment units were combined to create a new upscale beauty shop requested by residents. Incremental improvements to dining venues, wellness areas, lobbies, corridors and other common areas have continued as part of the ongoing updates to provide contemporary appeal while maintaining the attention to detail and style befitting this historic community which originally opened in 1908.
Helping to Improve Financial Position
The updated interiors attracted new residents into previously hard-to-market spaces, which in turn enabled the provider to substantially increase occupancy and led to a more attractive investment grade rating. The better investment grade rating generated lower interest rates and substantial savings. The interest expense savings increased the provider’s debt capacity and provided the opportunity to issue new debt to finance additional renovation and repositioning projects.
Photo Credit: Nathan Cox Photography