TOLEDO, Ohio – Welltower announced the expansion of its relationship with Oakmont Management Group. With the acquisition of new management contracts, the partnership is expected to approximately double the size of Welltower and Oakmont's existing portfolios in affluent markets across California by the end of the third quarter.
Welltower has also signed a long-term exclusive development agreement with Oakmont. Through this agreement, both organizations will invest significant capital and resources to build, own and operate Class A communities to serve the senior residences of the future, with a focus on highly specialized programs and the health and wellbeing of residents. Oakmont and Welltower expect to significantly increase the partnership presence over the next decade. The partnership will leverage Welltower's data analytics platform and innovative access to health and wellness partners, as well as Oakmont's best operating platform. In addition, the two companies have agreed a closely coordinated RIDEA 3.0 management contract.
In a recent transaction, Oakmont and Welltower acquired Ivy Park on Otay Ranch, an assisted living and memory sharing community in San Diego, California. Ivy Park is the first of Oakmont's new brand, Ivy Living, building on decades of operational excellence, giving Oakmont the flexibility to seize opportunities that have a different built environment.
"Oakmont Management Group is excited about this long-term partnership with Welltower, and we firmly believe that our operational acumen, combined with Welltower's significant lead in data analytics, will make an impressive team," said Courtney Siegel, President and CEO of Oakmont . "Welltower is a preferred senior housing partner and we look forward to building our relationship over the years to come."
"We are pleased to announce the expansion of our partnership with Courtney and the Oakmont Management Group team through this exclusive agreement," said Shankh Mitra, CEO and CIO of Welltower. "Oakmont is one of Welltower's top performing operating partners. Courtney and her team are not only the best of operators, but real partners too. I am excited to expand our relationship significantly through acquisitions and development in California and other western states for the next decade. "
Source: Welltower / Oakmont Management Group