Industry veteran hopes new company will be ‘next best regional carrier’ – Business Daily News

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Scott McCorvie, Vita Senior Living

18-year-old senior living veteran Scott McCorvie launched Vita Senior Living this month with plans to acquire select communities in Florida.

Most recently, McCorvie was chief financial officer and executive vice president of investments at Alta Senior Living. Previously, he was President of Senior Living Growth Advisors.

Vita is Latin for life, and that’s exactly what our mission and purpose is every day – to improve lives, plain and simple,” McCorvie noted Tuesday, explaining the name of the new investment, development and property management company based in Orlando, Florida.

He told the The McKnight Business Daily that he is interested in providing an improved lifestyle for residents who desire assisted living and memory care. Despite the current economic climate, now is the perfect time to launch such a new venture, McCorvie said, because the greatest opportunity for growth historically follows periods of disruption.

“I think it’s the perfect time in the market right now to invest in retirement homes,” he said.

COVID-19 is obviously the biggest disruption of our time, McCorvie said. Because real estate markets are cyclical in nature and the greatest opportunity for growth follows periods of disruption, McCorive said the pandemic actually makes it “the perfect time for consolidation.”

“It’s kind of a catalyst to launch it now,” he said.

McCorvie said he was trying to take advantage of market timing and find properties at a discount right now.

With the current Florida distressed market priced at 20% to 40% of replacement cost and 30% to 60% of previous acquisition cost, the purchase now significantly reduces the cost base of each investment, according to the business.

The company expects to purchase five to seven properties in Florida per year over the next three years. McCorvie said the idea is to buy communities, build better operations, and then increase overall performance.

“The goal is to be the next best regional operator,” McCorvie said.

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