Birmingham, Alabama’s Growth in Senior Living Sector

News Summary

Atlas Senior Living is experiencing notable expansion in Birmingham, Alabama, amidst a shifting market landscape. With new developments and a focus on staff retention, the company is poised for continued growth. Their largest facility, The Oscar at Georgetown, is stoking excitement with impressive pre-sales, and new communities are planned in Brownsville and McDonough. A cautious approach to acquisitions is being employed, aimed at enhancing operational efficiency and employee satisfaction. Atlas is also focusing on reducing staff turnover through various incentives, ensuring a bright future in senior living services.

Birmingham, Alabama: A Thriving Hub for Senior Living Expansion

As the world navigates through various challenges, exciting developments are happening in the realm of senior living, particularly in Birmingham, Alabama. Atlas Senior Living, a leader in the industry, is not just keeping pace; it’s on an upward trajectory! With a keen focus on both expansion and enhancing staff retention, the company is shaking things up in a big way.

Growth Amid Challenges

Atlas Senior Living is known for its steady growth, actively working on new developments and value-add acquisitions. Last year proved to be a solid year for them, with various rate increases creating positive opportunities for improving operations. The company operates a robust portfolio of 35 communities across eight states, indicating a significant footprint in the senior living sector. President and COO Wyman Hamilton is optimistic about the future, anticipating consistent rate growth through 2025.

Exciting New Developments

One of the shining stars in Atlas’s expansion is the recently opened The Oscar at Georgetown, which happens to be their largest development to date with a whopping 231 units. This vibrant community opened its doors on April 1st and has already seen impressive pre-sales with 60 independent living units sold before even welcoming the first residents. With projections showing that over 100 units will be filled soon after the mandatory 60-day licensing period, things are looking bright for this community.

But wait, there’s more! A new community is rising in Brownsville, Texas, with a similar unit count set to open early in 2025. And don’t forget about the upcoming assisted living and memory care community in McDonough, Georgia, which showcases Atlas’s commitment to expanding its valuable offerings. Earlier this year, yet another community opened in Hudson, Florida, and it is reportedly filling up at a rapid pace!

A Focus on Value-Add Acquisitions

Unlike past years, when expansion was taken at a breakneck speed, Atlas has shifted gears to a more cautious growth strategy. Recently, in May, the company signed contracts for three communities in the Orlando, Florida market, all of which have been under consistent management since 2019. By opting for acquisitions based on prior management experience, Atlas is streamlining the process in a market that has posed various challenges, including elevated interest rates driving up costs.

Improving Staff Retention

In addition to growth, Atlas is also making headlines with its emphasis on improving staff retention. With the labor market demonstrating signs of stability, the turnover rates at Atlas have impressively dropped from a staggering 20% to less than 1%. To further bolster this positive trend, the company is launching renewed efforts aimed explicitly at keeping employees happy and engaged.

Wage growth has steadied, moving away from the sharp increases of previous years, allowing for more predictable budgeting. Moreover, Atlas has initiated expanded ancillary services, thanks to successful revenue growth strategies. A new joint partnership with a pharmacy at half of its communities aims to enrich services provided to residents.

Engaging Employees with Incentives

To keep morale high, Atlas has revamped its employee incentive programs, shifting bonuses to a monthly basis and linking them directly to budget performance. And there’s even a scholarship program on the table for frontline workers—an initiative tailored to support career advancement and foster commitment to the company.

Overall, the organization is keen on enhancing service quality while keeping a close eye on expenses. New initiatives rolling out across communities may take around 18-24 months, but the focus is on creating a lasting positive impact.

Conclusion: A Bright Future Ahead

With all these exciting changes and strategies in place, Atlas Senior Living is undoubtedly paving the way for a successful future in the ever-evolving landscape of senior living. As they continue to adapt, grow, and innovate, it will be fascinating to see how they shape the industry in the months and years to come!