Senior Housing
Background
With a portfolio of more than $200 million in premier, institutional-quality assets, Big Rock Partners Senior Housing is national leader in developing and managing major new Class A senior housing rental communities of $50 million and up, mitigating risk for institutional investors, while meeting growing demand for an upscale, active lifestyle.
Big Rock Partners Senior Managing Principal Richard Ackerman leads a proven real estate investment management team. Over his 30 year career, he has acquired, developed, financed and operated commercial real estate and senior housing assets valued in excess of $3 billion, totaling approximately 15 million square feet. He previously was a Partner and Head of West Coast operations for Apollo Real Estate Advisors ("Apollo"), a global private equity firm with over $7 billion of equity invested. In that role he was responsible for all investments in the West Coast of the United States and in Japan.
At Apollo, he and Apollo Vice President Bennett Kim teamed up to manage investments including the highly successful turnaround of Apollo's prior, $130 million investment in Summerville Senior Living, a national operator of assisted living facilities, which was losing money from mismanagement and industry oversupply. Mr. Ackerman and Mr. Kim reorganized and returned Summerville Senior Living to profitability in less than five years, despite paring the company from 52 communities to 30. Apollo later sold the company for $260 million to Emeritus Senior Living, which was then acquired by Brookdale Senior Living.
In 2004, Mr. Ackerman and Mr. Kim founded Big Rock Partners, which formed a $200 million opportunistic real estate venture with D.B. Zwirn, a global multi-strategy investment manager with $5 billion in assets under management. During Big Rock's formation and asset accumulation period, the Big Rock team worked on investments for both Apollo and Big Rock.
Mr. Ackerman and Mr. Kim also created Summerville Investors LLC (SIL) in 2004 to invest $18.3 million in underperforming assisted living communities nationwide. SIL brought in leading healthcare REITs HCP and Ventas to structure sale-leasebacks on a very favorable non-recourse basis and with refundable deposits. SIL invested in 17 fee and leasehold interests in assisted living facilities. Hiring Summerville Senior Living to manage the healthcare operations on a management fee basis, SIL then fully leased and managed the facilities, improved operations and sold the properties at significant profit.
When Mr. Ackerman and Mr. Kim formally left Apollo in April 2006, Apollo retained Big Rock to continue managing approximately $620 million in assets (valued at project cost). Including Big Rock's investments, the team's senior living asset management record totals nearly $800 million.
As Big Rock Partners expanded, Ackerman built his development team with principals with whom he had a long working history including Jan Jaroszewicz and Thomas Brockwell. Ackerman further expanded the team by adding senior housing expert Sean Nealon.