Scott Hougham Senior housing. California.

See that tape?Pull it all down.

“It’s a million little things that must each be done right with a fairly high success rate.”

I recently traveled with a colleague who was seeing some buildings for the first time. He firmly demanded that all tape (yes, Scotch tape) be pulled down from the buildings. I wondered to myself, “How much could there be?”

Well as we walked through the communities, I was stunned how much tape we found on random surfaces. Windows, T-bar, elevators. It had been used to hold up holiday decorations, hang balloons, or post the paper signs that are anathema in senior housing. The community staff were perturbed at first but soon would delightedly exclaim when they found more tape. The funny thing is, in the hunt to pull down all of the tape, those eyeballs discovered a host of other issues to be addressed.

It was never about the tape itself. The goal was a severe and unrelenting attention to detail that can only be obtained when squinting at every surface to spot the milky translucence that is Scotch tape. Never use tape again, it’s temporary and cheap.

Senior housing isn’t special operations. Or is it? From “See that tape? Pull it all down.”

Read the rest of the essay

Atria Newport Beach

Developer at Atria Senior Living. A California-modern community across from Hoag Hospital in Newport Beach.

Dining room at Atria Newport Beach
Atria Newport Beach. Newport Beach, California.

Across from Hoag Hospital, in Newport Beach, California.

Rendering of the bistro at Atria Newport Beach, with palms and chandeliers
Atria Newport Beach. Rendering.
Architect rendering of the Atria Newport Beach exterior
Atria Newport Beach. Architect’s rendering.

Thrive at Montvale

Lender’s advisor. Advised Mesa West Capital, the lender, on the refinance of a community in Montvale, New Jersey.

Lobby lounge with fireplace at Thrive at Montvale
Thrive at Montvale. Montvale, New Jersey.
Gabled facade of Thrive at Montvale under a blue sky
Thrive at Montvale. Montvale, New Jersey.

“Senior housing is an operating business that happens to be financed and valued as real estate.”

Scott Hougham
Courtyard at Thrive at Montvale at dusk
Thrive at Montvale. Montvale, New Jersey.
Gabled entry of Thrive at Montvale at dusk
Thrive at Montvale. Montvale, New Jersey.
Reckon.

A senior housing risk index.

A personal project in pursuit of senior housing transparency. There are too many inputs relative to most other CRE product types.

reckonindex.com

About the author

Scott Hougham

I’m a senior housing developer, investor and advisor. I was the developer of Atria Newport Beach at Atria Senior Living.

In early 2021 I spun out and started Sophos Equities, a senior housing investment and advisory platform targeting underperforming assets. Sophos is Greek for wise or skilled. The industry “has destroyed, ad nauseum, most other words for older/wiser people.”

“Planes and Zoom make geography small.”

Now Head of Strategic Partnerships at Sage. Thesis interest: owning aging in the US.

I live in California with my wife and four kids. I smoke good cigars.

More about me

Chewing Glass + Staring into the Abyss

Sporadic notes from Scott, but always and only about senior housing.

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