LCS Development prepares for accelerated growth and promotes 4 to new roles
LCS Development is taking steps to accelerate its growth.
After announcing the hiring of former Welltower (NYSE: WELL) Joe Weisenburger, the development arm of the LCS family of companies on Thursday announced a series of staff moves. They aim to leverage the experience and scale of the organization, to seize new business opportunities in the grassroots development and renovation of older communities, and to reposition the range of services to be more focused in relation to its clients, executive vice president / senior general manager of development and real estate Chuck Murphy told Senior Housing News.
The LCS family of companies, which includes operator Life Care Services as well as LCS Development and other lines of business, is one of the nation’s largest senior housing companies, with 139 rental communities and life plan communities in over 30 states.
Staff movements include:
– Todd Mathisen and Jason Jorgenson to Senior Vice President / General Manager – Development
– Todd Shaw as Vice President / Development
– J. Ross Nichols to Director of Project and New Business Development
Mathieson will lead the growth and execution strategy for LCS’s Delaney rental communities portfolio, which currently consists of four communities in Texas and one newly opened community in New Jersey. Additionally, LCS is looking for future opportunities to build communities of Delaney along the East Coast and beyond.
Jorgenson will lead LCS’s life plan community development strategy, focusing on expanding the reach of new and existing nonprofit communities with campus expansions and repositionings, and leveraging internal teams. LCS Development design and marketing team to assist with these projects. In addition, he and Nichols will establish a leadership team of experienced professionals serving LCS ‘institutional and nonprofit capital partners.
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Shaw will take on the responsibility of leading the lead planning process for the Life Plan Communities – he was most recently the Project Manager for Broadview at Purchase College, a $ 220 million independent living community on the Purchase College campus in New York. In addition, he will lead new development, expansion and repositioning projects for other Life Plan communities.
Nichols will leverage his experience working with clients and operational partners in the design, development and expansion of communities of life plans to identify and attract new clients. He will work with Weisenburger, who joins LCS as vice president, senior director of business development, on July 6.
Murphy, who joined LCS Development in February 2020, was hired in part because of his extensive experience in investing and real estate development. He spent his first six months studying LCS’s business model to better understand how the company’s customer base differs from other real estate asset classes, he told SHN.
From there, he was able to identify the leaders within the LCS Development hierarchy best suited to execute the new plan.
Relocations efficiently streamline operations and delegate responsibilities on the basis of forces. Mathisen and Jorgenson have co-led the Delaney line of LCS in recent years. Mathisen’s industrial relations will be essential in expanding the brand into new markets, while Jorgenson’s experience and relationships with owners and stakeholders in the life plan community will allow him to focus on this range of services. , while supporting Mathisen and the Delaney team.
“The nature of decision making [among various clients] is different, compared to our own work that we do with our institutional partners. It’s about understanding which team members might best meet those needs, âsaid Murphy.
He sees significant potential to capitalize on repositioning and expansion opportunities. He estimates that LCS Development has an average of 20 to 30 repositionings underway at any given time.
Community life plan expansions are particularly rich in opportunities. One of LCS ‘major financial partners, Healthpeak Properties (NYSE: PEAK), sees untapped potential in its portfolio of continuing care retirement communities – LCS manages 13 for the Denver-based healthcare REIT.
Healthpeak has identified at least 100 acres across five campuses ready for expansion and completed initial planning and underwriting to determine action plans.
Murphy hopes Weisenburger and Nichols can attract new clients and focus more on clients rather than projects.
âThe market has become quite sophisticated when it comes to how the developers and owners of these communities look after their residents,â he said.