Ventas Taps New Manager for Seniors Portfolio

An Elmcroft-branded property in Austin, TX.

LOUISVILLE—A newly formed management company led by industry veteran Kai Hsiao has taken over operations of 76 Ventas-owned private pay seniors housing communities previously leased to Elmcroft Senior Living under a triple-net lease. The new entity, known as Eclipse Senior Living, will retain the Elmcroft brand and has hired most of the Elmcroft community and field-level personnel.

Ventas first announced this past October that a deal was in the works to establish a joint venture with an institutional partner on the assets leased to Elmcroft and to transition management of the portfolio to the Hsiao-led company. In connection with this transaction, Ventas has taken a 34% ownership stake in Eclipse, with the remaining 66% owned by Eclipse’s management.