William Pettit – The Merrill Gardens Experience of Senior Living, 5 Must-haves of Senior Living, Middle Income Affordable Housing, Technology Usability for Seniors
Middle-income seniors have too many financial assets to qualify for Medicaid and not always enough to cover housing and support needs as their health and functional abilities change. If you’re a middle-income senior who wants or needs more help, but can’t afford it, where do you turn? Merrill Gardens offers senior living communities for the middle class with an option for those in need of some extra assistance while maintaining independence. Whether they need some extra assistance with daily activities or want to enjoy all the perks of an active lifestyle, the residents have the freedom and flexibility to pursue their interests while staying in one place. The community offers five pillars of support—healthcare services, wellness programs, dining options, social events, and resident services—to ensure your loved ones will always have what they need when they need it. —————— Timestamps: [00:00]Pre-Intro dialogue from William Pettit [01:35]Introductions [02:59]You had 18 years in banking before joining RD Merrill Company. What prompted you to make this career switch? [05:36]The company believes that the ability to help seniors live their own lives and make their own decisions is the key to happier and fuller lives. Can you explain what you mean by that? [07:11]How do you think the senior housing industry will change post-pandemic? [09:35]Do you think these changes will help evolve to the next generation of senior living? [10:36]From an operational side, you’re talking about wellness, longevity, just activities offering some vibrancy and perhaps lends itself for them to have a purpose? [21:00]The next generation of seniors will have more options for middle-income seniors available to them, than generations in the past have. What do you think these middle-income options will look like and what services may be available? [29:58]Do you think someday these senior living alternatives may become the norm? [30:26]Do you think it’s a better alternative to aging in place? Why or why not? [39:01]You rolled out Google Nest Hub, Max Devices, to many of your buildings. The residents now have plug-and-play experience when it comes to contacting their friends and loved ones. Can you give us a brief explanation of what this product is and what were you trying to solve? [44:42]During 2020 in the thick of the pandemic PGIM Real Estate provided a loan of 460 million as part of Merrill Gardens’ portfolio acquisition. This speaks volumes about the strength of the relationship and the collaboration required by all parties to navigate this, turbulent, pandemic market climate. What lessons can you share about your successful closing? In terms of quality of the portfolio, location, and mostly the people? [47:16]Do you have any other thoughts that you would like to share?—————— Bio:William (Bill) Pettit is the president and chief operating officer of the R. D. Merrill Company with responsibility for Merrill Gardens and sister company Pillar Properties. Merrill Gardens is one of the most respected assisted living operators in the country with 70 communities in 20 states. Pillar Properties is an award-winning developer, owner, and operator of multi-family housing with 1,700 units in operation and the developer for all Merrill Gardens new communities. Pettit joined the R.D. Merrill Company in 1992 after 18 years in the banking industry and he was instrumental in the formation of the companies. He directed the rapid growth and timely execution of acquisitions and developed the policies that speak to the Merrill Gardens and Pillar Properties’ commitment to quality. Learn more about William Pettit here: https://www.linkedin.com/in/william-pettit-57750
Joe Anfuso – How the Baby Boomers Are Transforming the Multi Family Real Estate Market
Before the pandemic, the idea of aging in place was becoming more popular. Some baby boomers are now wary of nursing homes, where at least one-third of U.S. Covid-19 deaths have occurred, so they are interested in aging in place. The trend is making home shortages and prices even worse for younger buyers who want to get a piece of the real estate wealth. The Silent Generation (born before 1946) had long owned the majority of real estate wealth, but they sold later in life and moved in with extended family, or to an assisted-living community. Baby Boomers living in their homes are bucking the trend. A study from the Federal Reserve data shows that boomers surpassed the Silent Generation in real estate wealth in 2001 and have yet to relinquish it. Despite their fears, baby boomers built wealth by investing in the stock market and purchasing real estate. They benefited from the 1980s bull market, which saw share prices soar and trading volume soar as more buyers entered the market. Joining me in conversation is Joe Anfuso, CFO MG Properties, who will share insights into the efforts of owning and operating over $7 billion valued multifamily real estate.——————– Bio: Joe Anfuso is a proven and nationally recognized Financial, Operational, and Customer-Centric leader experienced in single and multifamily residential development in California and Nevada. As the CFO of MG Properties Group, Joe is responsible for directing the financial and fiscal management of the company’s operations, including budgeting, treasury, tax, accounting, information technology, risk management, and insurance. Visit Joe on LinkedIn: https://www.linkedin.com/in/joseph-c-anfuso-1a734716/
Yuen Yung – Retirement Investing: How to Create Multi-generation Wealth with Multifamily Real Estate
In today’s world, it’s more important than ever to think about retirement investing. With traditional pensions becoming increasingly rare, and social security benefits failing to keep pace with the cost of living, retirees are facing greater financial challenges than ever before. One way to address these challenges is to invest in multifamily real estate. By owning rental properties, retirees can generate a reliable source of income that can help to cover their living expenses. Additionally, by carefully selecting properties in areas with strong population growth, retirees can also create multi-generation wealth by leveraging the appreciation of their assets. When done correctly, retirement investing in multifamily real estate can be a powerful tool for creating long-term financial security.——————– Bio: Yuen Yung, CEO of Casoro Group, Founder and CEO of the franchisor How Do You Roll?Find Yuen on LinkedIn: https://www.linkedin.com/in/yuenyung/Casoro Group Website: https://casorogroup.com/