4.7.4Segment

Continuing Care Retirement Communities

Continuing care retirement communities providing a full continuum of care from independent living through skilled nursing.

4
Verticals

Overview

Continuing Care Retirement Communities (CCRCs, or life-plan communities) provide a full continuum of care — independent living through assisted living and skilled nursing — on a single campus, often under an entrance-fee model. The sector is heavily nonprofit and serves residents seeking aging-in-place security.

The entrance-fee model creates distinctive economics and balance-sheet considerations, and demand is supported by the aging population's desire for a guaranteed care continuum. It is a fragmented, largely nonprofit segment with selective for-profit and consolidation activity.

Market snapshot

Market size
~$41B
Growth
~3.5%CAGR (2017–22, nominal)
Companies
~5,500
FragmentationFragmented

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 623311 (Continuing Care Retirement Communities); heavily nonprofit.

Business model & economics

Revenue model
Entrance fees plus monthly fees across the care continuum
Recurring revenue
High — long-term resident relationships
EBITDA margin
Nonprofit surplus and entrance-fee economics
Capex intensity
High
  • Full care continuum on a single campus.
  • Entrance-fee model creates distinctive economics.
  • Heavily nonprofit; aging-in-place security demand.

M&A deal context

Moderate deal activity

Who’s acquiring

Senior-living operatorsNonprofit affiliations & sponsorsReal-estate investors

What’s driving deals

  • Selective consolidation in a nonprofit-heavy segment.
  • Aging-in-place continuum demand.
  • Entrance-fee and balance-sheet dynamics.

Verticals in this segment

  • 4.7.4.1Fee-For-Service CCRCs

    Continuing care retirement communities with fee-for-service care pricing.

  • 4.7.4.2Life Care & Entry Fee CCRCs

    CCRCs providing prepaid all-inclusive care under a life care contract.

  • 4.7.4.3Non-Profit CCRC Operators

    Non-profit mission-driven continuing care retirement community operators.

  • 4.7.4.4Rental CCRC Models

    CCRCs operating on month-to-month rental rather than entry fee models.

Find Continuing Care Retirement Communities acquisition targets

Search Acquisera’s index for companies classified under Continuing Care Retirement Communities (4.7.4) and build a targeted deal pipeline.

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