Goals For New Facilities
The current goals of Vista Prairie Communities are to maintain, add to or improve existing Senior Housing, Assisted Living, and Memory Care properties. We also hope to acquire new senior living residences serving smaller cities, predominately located in rural areas throughout the upper Midwest. Acquisition targets would be similar in size and format to the senior living projects now owned and operated by VPC. Acquisition and/or construction will be based on thoughtful market analysis and the ability to access credit markets.
Vista Prairie Communities does not anticipate pursuing the addition of multifamily residential rental buildings but will focus on senior living communities.
Historically, VPC has engaged third party property management companies to manage the day-to-day operations at facilities owned by its affiliates. In some facilities the staff, except for executive directors, would be employees of the affiliated company owning the facility but would be managed, supervised and directed by the property management company. In other facilities, the staff would be employees of the third party property management company. VPC, as sole member of each affiliated company, provides oversight to the property management company and functions as any owner of a housing facility but with primary emphasis on meeting its charitable mission.
In 2011, VPC organized Vista Prairie Management LLC with the intention that Vista Prairie Management will directly manage certain properties owned by VPC affiliated entities. Currently, nine senior living facilities are under the management of Vista Prairie Management LLC, including; Vista Prairie at Windmill Ponds of Alexandria, Minnesota, Vista Prairie at Manor House of Grand Rapids, Minnesota, Vista Prairie at River Heights of South St Paul, Minnesota, Vista Prairie at Monarch Meadows of North Mankato Minnesota, Vista Prairie at Copperleaf of Willmar, Minnesota, Vista Prairie at Garnette Gardens of Redwood Falls, Minnesota, Vista Priarie at Goldfinch Estate of Fairmont, Minnesota, Vista Prairie at Fieldcrest of Sheldon, Iowa, and Vista Prairie at Keelson Harbour of Spirit Lake, Iowa.
Regardless of the format used in managing the facilities owned by the affiliated entities, VPC will maintain its focus on fulfilling the organization’s mission.
Asset Management Role
Prior to the summer of 2011, VPC had engaged a third party asset management company to provide the ownership oversight of the properties owned by the LLCs and to identify new properties to be acquired by VPC. The asset management company served as representatives of VPC and reported to the VPC board of directors, and was paid an annual asset management fee for these services. During this time, VPC had no employees at the corporate level.
The board of directors determined to terminate the services of the asset management company effective mid-July 2011 and to develop its own internal professional staff to perform, among other matters, the asset management function. Currently, the board has employed two key executives. Morris Knopf, a former advisor, as President and General Counsel to VPC and its' affiliates and Deb Steinke as Chief Financial Officer of VPC and Vista Prairie Management. In addition, a corporate support staff has been empoyed to assist the VPC executives.
Please contact us for more information.