Senior Living Residences, Regional New England Leader in Assisted Living, Launches Its Compass Memory Support Neighborhood® Brand, Cites Aggressive Growth Strategy for the Firm

BOSTON, Dec. 7, 2010 /PRNewswire/ -- Senior Living Residences (SLR) announced the launch of its new assisted living based Alzheimer's care and treatment brand, "Compass Memory Support Neighborhoods"®.

Undergoing internal development for the past three years, SLR worked with leading clinicians and researchers, including staff from the Boston University School of Medicine's Alzheimer's Disease Center, to create an array of cutting edge research-based programming designed to treat the symptoms of dementia and Alzheimer's disease in the residential-style assisted living setting. Compass Memory Support widens the traditional "Alzheimer's Care" customer base by treating individuals with varying levels of memory loss and diagnoses, and emphasizes addressing the needs of those with Mild Cognitive Impairment (MCI).

It is estimated that one of every two seniors over age 85 is afflicted with Alzheimer's disease or a related cognitive impairment. The rising incidence of Alzheimer's disease and the shortage of specialty Alzheimer's care assisted living communities points to a potentially robust growth opportunity for qualified Alzheimer's care providers. SLR's Compass Memory Support Neighborhood brand is poised to become a major player in New England in this sector.

According to Peter Mullin, SLR's Managing Partner, "Currently in Massachusetts, only 2,519 of the 11,087 assisted living units certified by the Executive Office of Elder Affairs are designated "special care" apartments for Alzheimer's care and most of these are contained within traditional assisted living facilities. There are only 8 free-standing Alzheimer's care assisted living communities in the entire state. Clearly, the growing need is not nearly being met."

The firm opened its first two Compass Memory Support Neighborhood® assisted living communities this year – Compass on the Bay in Boston with a resident capacity of 55 and Compass at Golden Pond in Hopkinton with a resident capacity of 44.

Robert Larkin, President of SLR, said, "While stand-alone traditional assisted living communities often face occupancy challenges these days, a truly distinctive Alzheimer's care assisted living community is highly sought after by families of those in need. With SLR's historic reputation in the field, the Compass Memory Support Neighborhood® is a strong model for successful future developments. Compass on the Bay, following a $3 million renovation and conversion from a traditional assisted living facility to a free-standing Compass Memory Support Neighborhood®, is now projecting a substantial year over year growth in revenues."

Larkin added, "With SLR's proven track record of rapid lease-up in new projects, stabilized occupancy rates consistently averaging 98%, and cost-effective operations management, we are confident in our Compass Memory Support Neighborhood® 10-year development strategy. We are currently exploring financing partners to achieve our corporate goals."

SLR's Compass Memory Support programming has also been implemented during 2010 in four assisted living communities with Compass Memory Support Neighborhoods® that SLR owns and/or manages: Concord Park, Concord, MA; Methuen Village, Methuen, MA; Neville Place, Cambridge, MA; and Standish Village, Boston, MA.

SLR currently operates 10 assisted living and Alzheimer's care communities (three of which it owns), with a portfolio value of $128.6 million and over 450 employees. SLR's total portfolio resident capacity is 725, of which 150 are within its Compass Memory Support Neighborhoods®.

SLR's Proprietary Compass Memory Support Programming

SLR's Compass Memory Support Neighborhood® research-based non-pharmacological programming encompasses discrete disciplines that work together as a whole to treat the symptoms and potentially slow the progression of Alzheimer's disease and related dementias.

These programs include: (1) Reconnections, a curriculum-based adult learning program developed by SLR that is backed by research that cognitive stimulation may slow the progression of Alzheimer's; (2) Memory Preservation Nutrition® Program, based on research that shows a diet of "brain healthy foods" can actually reduce the risk of developing Alzheimer's. SLR is the first assisted living company in the nation to offer residents this innovative nutrition program, developed by internationally recognized expert Nancy Emerson Lombardo, PhD, one of the co-founders of the Alzheimer's Association; (3) State-of-the-art post-hospital Rehabilitation Respite Stay program for seniors with memory loss; (4) Clinical "rounds" with a Boston University Medical School clinician and comprehensive medication assessments with a geriatric-specialized pharmacist in an effort to avoid hospitalizations; (5) Lifetime Achievement Award program designed by SLR to combat the isolation and anonymity experienced by seniors with memory loss; (6) Exercise program based on research that shows aerobic and strength training exercise is associated with a reduced risk of developing Alzheimer's. Additionally, SLR's strategic affiliation with the Boston University School of Medicine's Alzheimer's Disease Center offers residents top notch clinical consultation and opportunities to participate in clinical research studies, including trials of new treatments.

SOURCE Senior Living Residences