Erickson Communities’ new ownership is poised for growth as they take over this month.
Redwood Capital Investments bought Erickson at auction in late December, and the closing happened this month.
Erickson filed for bankruptcy late last year, which wiped out most of their debt, making them financially sound for the upcoming planned projects.
The projects include about 12 communities that were begun but unfinished due to the falling Baltimore real estate market and ensuing bankruptcy.
Jim Davis, the new owner of Erickson, and now also its’ Chief Executive, plans to continue to run the Erickson Retirement Communities in the same spirit as the Erickson family envisioned when they began 26 years ago, getting the places up and then selling to not-for-profit companies to run them, and provide a welcoming place for seniors to live.
The Baltimore Sun reported that:
Long-term demographic trends also bode well for the company. Company officials point out that the population of seniors age 65 and older is projected to grow 60 percent, to 63.9 million people, in the next 15 years, when that segment of older Americans will make up nearly 18 percent of the population.
With these trends, it appears that Erickson would have a great future ahead of them.
If you are considering a move to a retirement home and would need to sell your Baltimore County home, please contact me today. I would be happy to help!