The luxury Edgemere senior living community in Dallas reports record-high occupancy and $55 million in projected annual revenue following its 2023 restructuring.
Following a 2022 Chapter 11 bankruptcy filing, the 16-acre Edgemere luxury retirement community in Dallas has achieved record occupancy levels under new management. Acquired in June 2023 for $48.5 million by Bay 9 Holdings, an affiliate of Lapis Advisers, the facility underwent a significant financial restructuring that included a shift from a life-care model to a rental-based system. Current management, Certus Living, reports that independent living occupancy has reached 93%, with assisted living and memory care units also seeing substantial growth.
The community, which features 300 independent living units and 200 additional units across assisted living, memory care, and skilled nursing, is projecting at least $55 million in revenue this year. The turnaround effort included extensive rehabilitation of existing units and a focus on reinvigorating the community's culture, marking a sharp recovery from 2021 when occupancy rates for non-independent living sections had dipped below 55%.
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