We identified and actively targeted the growth in the Assisted Living sector.
Building a brand to fill a need in the senior living sector
Rimrock's senior living concept, The Canopy Living, was founded as the result of a passion of several Rimrock partners and team members combined with the realization of the increased demand for assisted living communities generated by aging baby-boomers. Rimrock spent several years researching and underwriting multiple assisted living communities in large markets.
We hired consultants to advise on how we could underwrite a small market, fully amenitized community. The answer continually received from experts was that you need 120 plus beds to underwrite the operational cost of this product. This eliminated an abundance of small markets which were not sizeable enough to justify a 120-bed development. At Rimrock, we made it our mission to design and underwrite a small market model which could serve these communities and be profitable and through this, The Canopy Living was established.
This community was Rimrock's first Senior Living project and certainly our most difficult and time consuming in our Canopy brand. Years went into the planning, design, and management selection. The completed community has been a great success. Through our development process on this community, we've learned a lot that has gone into changing the prototype to our new and improved Canopy model.
The Canopy at Boynton Ridge
Boynton Ridge is Rimrock's most recently opened Canopy community. This development was over 75% pre-leased prior to opening despite of the pandemic. Our new prototype is on full display at Boynton Ridge, and it is stunning. This building sits up on a ridge with the courtyards overlooking the Chattanooga skyline.