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Investment Strategy

Investment Strategy | Haven Senior Living Partners
Investment Strategy

The Operator
Is the Investment.
The Building Is
Just the Building.

Every Haven acquisition begins with the same question serious institutional underwriters ask — and that most private buyers never ask at all: who is operating this asset, and what does their track record actually say? The answer to that question determines everything.

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Investment Profile — At a Glance
$8M–50M+
Target asset size
5
Sun Belt target states
8–10%
Preferred return target
55%
Max LTV — conservative leverage
Core Plus & Value-Add · Off-Market Focus · Operator-First Underwriting
Operator Quality = Alpha ◆ Off-Market Deal Flow ◆ $8M–$50M+ Target Size ◆ Welltower's Strategy at Individual Scale ◆ Conservative 55% LTV ◆ 5 Sun Belt States ◆ Core Plus & Value-Add ◆ Operator Quality = Alpha ◆ Off-Market Deal Flow ◆ $8M–$50M+ Target Size ◆ Welltower's Strategy at Individual Scale ◆ Conservative 55% LTV ◆ 5 Sun Belt States ◆ Core Plus & Value-Add ◆
Block 3 · The Core Thesis

Operational Excellence
Is the Investment Thesis

Welltower has spent a decade building proprietary data infrastructure specifically to identify which operators produce durable financial outperformance. Their conclusion — and ours — is that operator quality is the dominant variable. Not location. Not asset class. Not financing structure. The operator.

The question is not: what is the cap rate? The question is: who is operating this asset, and what does their track record actually say?

State survey histories. Staffing ratios. Resident satisfaction scores. Staff turnover rates. Medicare and Medicaid compliance records. These are not due diligence checkboxes. They are predictive financial indicators — correlated with every metric that drives investor returns.

When a community earns a reputation for exceptional care, occupancy stabilizes above market — because families choose based on reputation, not just proximity. Staff turnover falls. In senior housing, staffing is the single largest operating expense. Communities that treat staff well run 15–20% lower labor cost ratios than the sector average. State surveyors find fewer deficiencies. Buyers pay premium cap rates at exit.

Haven's due diligence process is built around this insight. We will not acquire a community whose operator we would not be comfortable placing a family member in. That is not a moral filter. It is a financial one. The operators who maintain that standard run better businesses — full stop.

Occupancy Advantage
~$400K
Annual NOI per 5-Point Edge
A 5-point occupancy advantage on a $20M asset equals approximately $400,000 in annual NOI. Quality communities hold 90%+ because families choose on reputation — compounding over a 5–7 year hold.
Labor Cost Advantage
15–20%
Lower vs. Sector Average
High staff turnover costs $3,000–$5,000 per employee replaced. Communities with genuine care cultures run materially lower labor cost ratios — directly improving NOI margin on every quarterly report.
Exit Multiple Advantage
1–2×
Equity Multiple Premium
Buyers pay premium cap rates for clean survey histories and stable management. The spread between a well-run and poorly-run community of similar size can represent 1–2 full turns on the equity multiple at exit.
Haven Operator Due Diligence — What We Actually Look At
📋
State Survey History
Every deficiency, citation, and complaint over 3 years. Pattern of citations matters more than any single incident. A clean history commands a premium; a problematic one disqualifies regardless of cap rate.
👥
Staffing Ratios & Turnover
Staff-to-resident ratios, turnover vs. sector average, and tenure of key clinical leadership. Staffing is the largest operating cost and the most direct indicator of care quality.
⭐
Resident Satisfaction Scores
Third-party satisfaction data, family reviews, and occupancy trend correlation. A satisfied resident base is a stable NOI base — and a referral engine that drives occupancy without marketing spend.
📊
Financial Performance vs. Projections
3-year actual NOI vs. what the operator originally projected. A sponsor who consistently delivers against underwriting is a fundamentally different risk profile than one who doesn't.
⚖️
Medicare / Medicaid Compliance
CMS star ratings, payment history, and certification status. Regulatory compliance is a leading indicator of the operational discipline that shows up in occupancy, expense control, and resident outcomes.
The Welltower Standard — At Haven's Scale
Welltower built a proprietary operator intelligence platform to answer exactly these questions at institutional scale. Haven applies the same framework in the $8M–$50M middle market where Welltower cannot efficiently compete. Our investment standards and care standards are the same standards — not because we want them to be, but because the data demands it.
How Operator Quality Becomes Returns

The NOI Chain:
From Care Culture to Investor Returns

Every link is measurable and directly correlated with financial performance. Haven's underwriting traces every investment back to step one.

Step 01
Genuine Care Culture
Operator genuinely cares about residents and staff — verified through state surveys, staffing ratios, and satisfaction data. This is the single input Haven evaluates before any financial metric.
↓
Step 02
Staff Retention Above Average
$3,000–$5,000 saved per retained employee vs. sector average turnover — directly reducing labor cost as a percentage of revenue on every quarterly P&L.
↓
Step 03
Resident Satisfaction & Referrals
Satisfied residents generate family referrals. Referrals drive occupancy without marketing spend. Each percentage point of occupancy on a $20M asset is worth roughly $80,000 in annual NOI.
↓
Step 04
Occupancy Holds Above 90%
A 5-point occupancy advantage over a comparable community is ~$400,000 in annual NOI on a $20M asset — compounding materially across a 5–7 year hold period.
↓
Step 05
Clean Survey History
Fewer deficiencies, stronger CMS star ratings, lower regulatory risk. This is documented, public, and priced into exit valuations by every institutional buyer in the market.
↓
Step 06
Premium Exit Cap Rate
Buyers pay premium multiples for communities with clean histories and strong momentum. The spread between a well-run and poorly-run community can represent 1–2 full turns on the equity multiple — the single largest LP return driver at exit.

This chain is not theoretical. It is empirically documented across thousands of senior housing transactions — and it is the reason Welltower built an entire data infrastructure to track operator quality before acquiring assets.

Haven evaluates operators before buildings. A mediocre operator in a great location will underperform. A great operator in a good location will outperform. The building depreciates. The operator's culture compounds.

Haven's acquisition mandate: find the best operators in the most supply-constrained Sun Belt submarkets — and acquire assets at below-replacement-cost pricing before institutional buyers who can't compete in this size range get there.

"The Building Is Just the Building"
Haven will walk away from a premium location with a mediocre operator. We will aggressively pursue a good location with an exceptional operator. That is the discipline that drives our returns — and the same discipline that distinguishes Welltower's portfolio from the generalist REIT sector average. We apply it at the $8M–$50M scale where it's available to individual accredited investors.
Investment Criteria

Where Haven Acquires.
What Haven Buys.

Haven is hyper-focused on seniors housing in five Sun Belt states — markets where demographic demand is accelerating fastest and supply is most constrained.

⭐
Texas
No state income tax · Fastest-growing 65+ cohort
🎵
Tennessee
High net migration · Lower regulatory complexity
🌲
North Carolina
Expanding private-pay market · Sun Belt growth
🌊
South Carolina
Coastal retirement demand · Below-supply markets
🏔️
Colorado
Premium private-pay population · High care standards
Asset Size
$8M – $50M+
Middle market range institutions can't efficiently acquire — where Haven's operator relationships create genuine sourcing advantages
Strategy Type
Core Plus & Value-Add
Stabilized assets with operational improvement potential, or occupancy ramp-up opportunities where Haven's operator network drives NOI growth
Asset Types
AL · MC · IL
Assisted Living, Memory Care, and Independent Living — highest demand growth, strongest private-pay orientation, best return profiles in the sector
Max Leverage
55–60% LTV
Conservative leverage ratios — structural advantage when credit markets tighten and highly-leveraged buyers exit the competition
Sourcing
Off-Market First
Relationship-driven deal flow from operators, brokers, and owners who bring Haven opportunities before listing — trusting our execution certainty
Hold Period
5–7 Years
Sufficient to realize occupancy ramp-up, operational improvements, and NOI growth — without requiring extraordinary market conditions at exit
How We Source & Execute

The Acquisition
Process

From relationship-driven sourcing to institutional-grade closing — four steps where operator quality is evaluated before a single financial model is built.

01
🤝
Step 01 · Sourcing
Relationship-Driven Deal Flow
Haven sources primarily off-market through operator networks, broker relationships, and family office connections built over a decade. Sellers bring Haven deals before listing because execution certainty is worth more than a marginally higher offer.
02
🔍
Step 02 · Operator First
Operator Evaluated Before Financials
Before a single financial model is built, Haven evaluates the operator: state survey history, staffing ratios, resident satisfaction, and financial track record. A disqualified operator ends the process regardless of location or cap rate.
03
📊
Step 03 · Underwriting
Three-Scenario Conservative Models
Every acquisition is underwritten to conservative, base, and optimistic scenarios — with investment decisions made on the conservative case. Haven will walk away rather than close on assumptions requiring perfect conditions.
04
✅
Step 04 · Execution
Certain, Efficient Closing
Haven's capital structure is built for closing certainty — the most valued characteristic for off-market sellers. We do not re-trade. Our reputation for execution is our most important sourcing advantage.
$8M–50M+
Target Asset
Size Range
8–10%
Preferred
Return Target
55%
Max LTV
Conservative Leverage
5
Sun Belt States
in Active Pipeline
For Brokers & Deal Sources

Bring Us a Deal.
Earn More for It.

Haven is actively acquiring. We respect broker relationships and pay for excellent deal flow. Any deal you bring us that we close earns a 0.50% bonus on top of any seller-paid commission.

We close with certainty, don't re-trade, and move quickly on deals that meet our criteria. Our off-market reputation is built one broker relationship at a time.

Submit any senior housing asset between $8M and $50M+ in TX, TN, NC, SC, or CO. Our deal team responds within 48 hours.

Broker Incentive Program
0.50%
Bonus on Every Closed Transaction
In addition to any seller-paid commission, Haven pays brokers a 0.50% bonus on the purchase price of every closed deal you source — paid at closing, not contingent on fund performance.
Example: You source a $50M acquisition that Haven closes. Your bonus: $250,000 — on top of your standard commission.
✦   The Operator Is the Investment

Ready to Invest in the
Right Thesis?

Welltower built $50 billion on operator quality as the dominant variable. Haven applies the same thesis in the middle market where institutional capital can't compete. 8–10% preferred return, conservative leverage, off-market sourcing — and the operator-first underwriting that turns care culture into investor returns.

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Haven Senior Living Partners  ·  For accredited investors only  ·  $100K minimum