By Joshua Burd
Woodmont Properties has hired a veteran industry executive to lead its newly formed senior housing division, touting an opportunity in the niche residential sector.
The new hire, Stephen Nichols, joins the Fairfield-based firm with the task of overseeing strategy for the development and operations of its senior communities, according to a news release. He will focus on walkable and transit-oriented markets that are well suited for the development of independent living, assisted living, memory care and active adult properties.
“As we continue to evolve and grow our portfolio, we believe there is great opportunity to meet the immense demand for high-quality senior housing options across New Jersey, New York and Pennsylvania,” said Eric Witmondt, Woodmont’s CEO. “We’re excited to take the experience we’ve gained through the creation of luxury apartment communities in some of the region’s best transit towns and downtown neighborhoods, and applying it to the development of world-class senior housing communities.”
Prior to joining Woodmont, Nichols was an executive director with Brightview Senior Living, where he focused on the construction, lease-up and operations of new senior housing communities across the New Jersey and New York markets, the news release said. He was also a regional vice president with Atria Senior Living, where he oversaw the development of 18 communities from The Bronx, New York to Waterbury, Connecticut.
“Woodmont has the experience and resources to build several types of senior housing products, and I’m thrilled to be given the opportunity to lead this exciting effort,” Nichols said. “We are already targeting multiple towns that could benefit from senior housing development, and I’ll be focused on executing on Woodmont’s vision for the senior housing sector with the same level of quality that has become the Woodmont standard.”