MJM Associates seeks development opportunities:
- That exist in exceptionally strong markets with demand coverage ratios of no less than 5:1.
- Are fully entitled for our intended use prior to purchase.
- That focus on Intensive Assisted Living (IAL) and Special Needs Assisted Living (SNAL) as this is our strongest suit and is at the “needs driven” end of the business which is the best choice for these economic times.
- That are located in high name recognition areas that are regionally grouped. The sites should be far enough from each other to have no influence on each other’s markets, but close enough to create efficiencies of management and an attractive portfolio for re-sale that will bring a price in excess of the value of the properties individually.
- That enjoy the best strategic location within each broader market in terms of potential residents, proximity to the adult children in need of bringing their parents closer (in-migration) and present the least possibility that future competition will separate us from significant regions of our market. We have studied the sub-regions within each chosen market to locate sites with the best demographics, highest prominence (drive-by remains a key source of inquiries throughout the industry), a well developed healthcare referral network and other feeders, as well as unmet demand.
- That offer the possibility of top quality medical linkages.
- That have expansion capabilities after the initial phase. We look to be able to grow when appropriate without incurring the expense of additional land or costly additional infrastructure.
We then utilize our “all neighborhood” design that captures everything we have learned to optimize operations of AL, IAL and SNAL including the flexibility to cross designate neighborhoods depending on changing needs and to accommodate expansion if warranted. We want to be able to match our product mix to changes in the market. Our design is intended to market strongest to the adult children (our primary customer) and give them a sense of pride as to where their parents are living, not just a sense of “we had no other choice.”
Early on, we begin the process of establishing linkages with the key medical providers (hospitals and geriatricians) in each market to facilitate referrals, medical service for our residents and to participate in Alzheimer’s clinical trial and research programs as available in our regions that complement our research collaboration with the Weill Cornell Medical College Memory Disorder Program. We hold regular seminars for professionals and families on progress in the treatment of Alzheimer’s disease and other topics of aging. In short, we establish ourselves as THE experts in the region on Alzheimer’s disease, coping with the general problems of aging as well as operators of SNAL and AL residences. This strategy has worked for us in all the other markets in which we have operated.