Our History
The Wilkinson family of companies has a broad background in profitable real estate investment, ownership and management. Parent company Wilkinson Corporation has established several subsidiaries that bring extensive experience in various forms of real estate investments, property management, senior care management and property development to the task of overseeing properties in receivership.
In 1992, Russ Wilkinson established parent company, Wilkinson Corporation, acquiring 23 properties in the New England area and organizing 12 real estate investment programs over the next five years. The opportunity for this investment initiative arose during a recession in the Northeast and most of the original properties were acquired at a fraction of replacement cost from financial institutions following foreclosure.
The company’s initial focus was on acquisition, improvement and resale (buy-hold-sell) of multifamily residential apartments and commercial/industrial properties. By 1997, the total value of the company’s acquisitions was about $36.3 million.
While holding the properties for investors, Russ strategically made significant capital improvements, creating more desirable properties for potential lessees. Once he repositioned these properties in their local markets, he was able to command a higher cash flow by attracting a stable base of desirable tenants.
The company’s investments met with exciting growth in value during the subsequent East Coast real estate boom in the late 1990s and into the new millennium. In the next six years, the company rolled over the majority of its funds, selling most original holdings for a total of about $60.8 million. One final property acquired for $4.35 million and still held by a Wilkinson fund has recently been appraised at more than $20 million.
Identifying opportunities for reinvesting capital in senior housing, Wilkinson Corporation launched an aggressive entry into that market in 2003 and acquired 41 senior living and care communities in nine states by December 2006 valued at more than $240 million.
To manage the growing senior care portfolio, the company the company acquired Eugene, Oregon-based Good Neighbor Care Centers, LLC (GNC) and its three memory care properties in 2004.
In January 2007, the company sold 34 of its senior communities to Wakefield Capital, LLC for $250.5 million while retaining management of the senior care businesses operating at each property. Those properties are now managed by Good Neighbor Care Centers, LLC, a wholly-owned subsidiary with more than 20 years of experience in assisted living and memory care. GNC now manages a total of 51 senior properties in 11 states, including the Wakefield portfolio mentioned above. With more than 1,700 caregivers, managers and corporate staff, the company now serves some 2,400 senior residents and was placed 14th on the list of 2007 Largest Assisted Living Providers compiled by Assisted Living Executive magazine, a publication of the Assisted Living Federation of America.
The Wilkinson family of companies also includes Wilkinson 1031, LLC, a subsidiary launched in 2004 to focus on the tenant-in-common (TIC) sector of real estate investments under Section 1031 of Internal Revenue Code. Wilkinson Corporation developed and funded Wilkinson 1031 as a TIC sponsor to provide real estate investors with “tax deferred” investment opportunities. The Wilkinson 1031 team has identified and acquired three student, four multifamily, and nine senior housing properties, sponsoring 10 tenant-in-common investments and pioneering the area of senior care TICs. The combined value of those properties is approximately $221.5 million. They provide a total of 1,935 rental units for students, families and seniors in eight states.
In May, 2006, Wilkinson Corporation also created Wilkinson Development, LLC, a subsidiary whose purpose is to pursue development opportunities in senior housing and other promising sectors of the real estate market. The new company has completed three upscale independent living communities for seniors in Illinois.
In January 2008, Wilkinson Corporation created Wilkinson Real Estate, LLC, a new entity responsible for handling real estate transactions formerly executed by the parent company and Wilkinson 1031, LLC. Wilkinson Real Estate (WRE) is continuing Wilkinson 1031’s focus on tenant-in-common investments along with Delaware Statutory Trust (DST) investments.
