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Atria Management Company, LLC

Company type	Private
Industry	Senior Living
Founded	1996
Headquarters	Louisville, Kentucky, U.S.
Key people	Holly Belter-Chesser, CEO
Website	www.atriacareers.com

Atria Management Company, LLC (AMC) is a subsidiary of Atria Senior Living, Inc. (ASL). ^[1] Along with another subsidiary of ASL, Atria Management Company manages independent living, assisted living, supportive living, and memory care communities in more than 344 locations in 44 U.S. states. In Canada, ASL subsidiary Atria Management Canada, ULC manages 29 Atria Retirement communities in seven Canadian provinces. Collectively, Atria communities are the residence of choice for approximately 40,000 senior adults and the company employs more than 14,000 staff. Atria is based in Louisville, Kentucky. ^[2]

In the U.S., Atria communities are concentrated along the east and west coasts, including 26 communities in metropolitan New York, and 59 in California with concentrations in the Bay Area, Orange County and Los Angeles markets. Atria also has a significant presence in metropolitan areas including Toronto, Boston, Houston, Atlanta, Dallas, Seattle, and Portland. ^[3]

Atria Home Care, LLC, also a subsidiary of ASL, provides private duty aide and companion services in the New York City metropolitan area for senior adults. ^[4]

Brands

AMC communities are managed under consumer brands that include Atria Signature. Atria Management Canada, ULC manages Canadian communities under the brand name Atria Retirement Canada. ^[5]

Coterie is a joint venture between Atria and Related Companies that offers senior living and care in cities across the country. ^[6] Atria Signature communities feature apartments, amenities, and care primarily in coastal markets. Atria Park communities provide care, concierge service, and advanced-stage memory care, catering to seniors in upmarket urban and suburban cities. Atria Senior Living communities have a focus on assisted living, primarily in suburban markets. Holiday by Atria provides independent living for older adults at what it calls "an approachable price point". ^[7] Atria Retirement Canada offers independent living to older adults from British Columbia to New Brunswick. ^[8]

History

1990s and founding

Atria began in 1996 when Vencor spun off its assisted living and independent living senior living communities into a public company called Atria Communities, Inc. It had 22 communities in 13 states with a total of 3,022 units, including 650 Assisted Living units and 2,372 Independent Living units. ^[9]

In 1998, a real estate private equity fund sponsored by an affiliate of Lazard Freres and Company (Lazard Freres Real Estate Investors, ”LFREI”) purchased Atria Communities, Inc. for approximately $750 million, merging Atria with its Kapson Senior Quarters unit. ^[10]

2000s

In June 2003, Atria announced it was merging with ARV Assisted Living of Costa Mesa, California which was also owned by an affiliate of Lazard Freres Real Estate Investors LLC ^[11]. On October 1, 2003, Atria Senior Living Group (“Atria”) named John A. Moore as Chief Executive Officer of the combined Atria-ARV company. ^[12]

2010s

By 2010, Atria had become the nation's fourth largest senior living provider. In October 2010, Ventas, Inc. (NYSE: VTR) announced that it would acquire Atria's real estate assets for a total purchase price of $3.1 billion, using 24.6 million shares of Ventas common stock, worth approximately $1.35 billion, $150 million in cash and the assumption or repayment of $1.6 billion of net debt.  As part of the transaction, Atria was spun off as a management services business owned by LFREI affiliated funds and members of the Atria management team, and would continue to manage the assets sold to Ventas. ^[13]

In late 2012, Ventas and members of Atria's senior executive team acquired the 85% of Atria owned by the LFREI funds, resulting in Atria being owned 66% by the Atria senior executive team and 34% by Ventas. ^[14]

In 2014, Atria moved its Louisville, Kentucky headquarters to downtown Louisville and expanded its space again in 2017. ^[15]

By 2016, Atria had more than doubled its revenue under management to over $1.3 billion. ^[16]

In September 2017, Atria's response to Hurricane Irma resulted in evacuating nearly 1,000 residents, staff, and staff family members from Florida communities to the Walt Disney World Swan and Dolphin Resort in Orlando. ^[17]

In December 2017, Fremont Realty Capital, the investment office of the Bechtel family of San Francisco, acquired 50% of the Atria senior executive team's ownership, providing an infusion of investment capital for innovation, growth, and property development. The transaction resulted in an ownership mix of 33% Atria senior team, 33% Fremont, and 34% Ventas. ^[18]

In 2018, Atria announced a joint venture with luxury real estate firm Related Companies to develop, own and manage more than $3 billion worth of senior living communities in major, urban markets across the U.S. The joint venture initially includes sites in New York City, San Francisco and Boston, while targeting Los Angeles, Miami, Washington D.C., and other major metropolitan areas. ^[19]

In November 2018, the company safely evacuated all of its Atria Paradise residents and staff from the devastating California “Camp Fire” that destroyed some 1,000 structures and took multiple lives. ^[20]

2020s

In July 2021, Atria became the country's second largest senior living operator with the completion of its acquisition of the management services business of Holiday Retirement, a Winter Park, Florida-based independent living provider. ^[21]

In 2021, Atria began marketing Glennis Solutions, a company developing operations management software, to other senior living providers. ^[22]

In May 2021, Atria staff had reportedly reached a 98% vaccination rate as a result of a vaccine mandate announced in January 2021. ^[23] In October 2021, Atria and its Holiday subsidiary reported near 100-percent staff vaccine participation rates. ^[24]

According to the J.D. Power 2021 U.S. Senior Living Satisfaction Study^SM Atria Senior Living ranked highest in family member / decision-maker overall satisfaction with assisted living and memory care providers. ^[25]

In October 2022, it was announced that Glennis Solutions would combine with two other companies, Enquire and Sherpa, to create a comprehensive software platform for the senior living industry. The move fulfilled Atria's intentions for Glennis to be a completely independent business serving industry operators with a full suite of business applications. The combined company will reportedly serve more than 50 of the largest 150 senior housing operators, and more than 800 customers in total, representing 5,700 communities across the senior living, post-acute and home care sectors. ^[26]

In 2023, 49 Atria communities received the Caring Star Award from senior living industry referral website Caring.com, leading senior living providers in the number selected. ^[27]

In March 2024, Holly Belter-Chesser assumed the role of Atria's CEO. ^[28]

References