N
Overview
Novellus Living runs affordable senior living communities focused on the middle-market, offering assisted living and memory care. It expands by acquiring and renovating fixer-upper properties to control costs, with Novellus Investments handling real estate and Novellus Living running daily operations, including personalized care plans, daily living support, meals, and activities. The approach centers on price-per-unit and functional renovations rather than luxury, setting it apart from premium operators. Its goal is to add about five communities per year across the western United States while maintaining affordable rents.
Work here?Claim your company
Simplify's take
What believers are saying
- August 2026 Sage Detect rollout across Novellus communities improves safety and staffing efficiency.
- Novellus still operates across California, Texas, Colorado, and Arizona, preserving regional diversification.
- The middle-market senior housing shortage keeps demand strong for affordable assisted living and memory care.
What critics are saying
- May 2024 Cherry Creek sold at 36% occupancy, exposing weak turnaround execution.
- If acquisitions stay frozen through 2027, Novellus loses scale and management-fee growth.
- A 2027 debt-refinancing squeeze would starve renovations, trigger sales, and break the platform.
What makes Novellus Living unique
- Novellus's 2019 model buys fixer-uppers, preserving middle-market rents through cheaper renovations.
- Chris Coulter and Larry John combine 50 years of western U.S. real estate experience.
- The firm separates acquisitions and operations, tightening capital allocation through Novellus Investments and Novellus Living.
Help us improve and share your feedback! Did you find this helpful?