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When we founded Spectrum, we saw an opportunity in the market for a luxurious, yet affordable alternative that did not require an expensive buy-in or long-term financial commitment.
DENVER, CO, May 01, 2014 /24-7PressRelease/ -- Spectrum Retirement Communities marked its 10th anniversary in April with celebrations of lives well-lived - and the promise of a bright financial future.
Veteran businessmen John Sevo and Jeff Kraus founded the company in 2004 with just 500 units under management. Since that time, Spectrum Retirement has grown to more than 3,000 units in communities across 11 states, with 1,400 employees supporting the many seniors who rely on Spectrum's luxury yet affordable living.
Kraus, who developed Spectrum's initial senior living portfolio, credits Spectrum's success to a transformative idea: offering communities with the highest quality care and the amenities of a luxury hotel, at an affordable price.
"When we founded Spectrum," says Kraus, "we saw an opportunity in the market for a luxurious, yet affordable alternative that did not require an expensive buy-in or long-term financial commitment."
Spectrum's month-to-month lease program was pioneering 10 years ago, and since then, it has led to the company's current success. Residents appreciate the personal and financial flexibility the model offers, as illustrated by its occupancy rates. The company has maintained occupancy levels of 95 percent for three consecutive years - 6 percent higher than the industry average.
Spectrum founder John Sevo also recognized an opportunity to change the senior living paradigm by locating new properties within communities, often on in-fill sites. A 25-year real estate veteran, he saw the benefit of creating a lifestyle for residents by locating near amenities like shopping and churches and remaining in neighborhoods that were close to friends and family.
"We attribute much of our success to our communities that are close-knit, with dedicated staff to best serve our residents," said Sevo. "We truly believe that years spent in our communities can be some of our residents' best."
To that end, Spectrum celebrated its 10 years with a special edition of its popular magazine dedicated to the milestones of its residents. The timeline was as unique as its concept, with triumphs such as: Lillian walks again, a couple find love, an art studio is born, a 100-year-old Motorcycle Mama rides again, Mary Poppins comes to life, and a jug band takes center stage.
It all happened in Spectrum's past, but the company projects a bright future. In 2013 it opened three new senior living communities in Albuquerque, New Mexico; Kansas City, Missouri; and Denver for a total of 300 units - its most successful year on record. Heading into its second decade, the company has seven communities under construction, and by 2015, the company will manage 3,380 senior apartment homes.
"It's hard to believe that just 10 short years ago, Spectrum opened its doors for business," said Sevo. "The unbelievable growth and success has been the result of a lot of hard work and perseverance by everyone in the company."
About Spectrum Retirement Communities
Denver-based Spectrum Retirement Communities is considered a leader and innovator in senior living. The privately held company owns and operates 30 senior living communities in 11 states from New York to Oregon. Spectrum employs a staff of more than 1,400 and oversees more than 3,000 apartments. For more information, visit www.spectrumretirement.com.
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