Smith/Packett

What Smith/Packett does

Smith/Packett is a privately-held senior housing real estate development firm founded in 1982 by James R. Smith and headquartered in Roanoke, Virginia, with a secondary office in Charleston, South Carolina. The company develops, acquires, and renovates senior living communities across the continuum of care — independent living, assisted living, memory care, and skilled nursing — primarily in the Southeast and Mid-Atlantic United States, with current pipeline expansion into the Midwest. Since 2015 the firm has delivered 55 communities comprising more than 8,400 residential units at a total development cost exceeding $1.6 billion, and has developed or acquired 150+ facilities in its history with aggregate value above $1.5 billion. Smith/Packett operates alongside two affiliated entities founded by the same principal: Harmony Senior Services, an operator managing 23+ Smith/Packett-developed communities, and Wessex Capital Investments, a private equity firm providing debt and equity financing — together forming an integrated development, operations, and capital platform.

The company's core competency is regulatory navigation of Certificate of Need (CON) processes across multiple states, a capability it was founded upon and which continues to differentiate it from generalist real estate developers. Its revenue model combines development fees, equity partnerships (including sale-leaseback structures), and property management services, with individual project costs typically ranging from $17 million to $49 million and the current design-stage pipeline representing $750 million across 14 communities in 10+ states. The go-to-market approach is relationship-driven B2B, relying on long-standing partnerships with operators (Harmony, Greenbrier Senior Living, Saber Healthcare Group), general contractors (RaLin, Rycon, March Westin, Linkous), and institutional investors (Kayne Anderson, Griffin-American Healthcare REIT, HealthLease Properties REIT) that have acquired stabilized assets from Smith/Packett. Distribution is exclusively direct to enterprise counterparties; there is no consumer-facing channel or software/API offering.

Name

Smith/Packett

Legal name

Smith/Packett LLC

Website

https://smithpackett.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

11–50 employees

Short description

Smith/Packett is a privately-held senior housing real estate developer founded in 1982 that builds independent living, assisted living, memory care, and skilled nursing communities across the Southeast and Mid-Atlantic US. It operates alongside affiliated operator Harmony Senior Services and private equity firm Wessex Capital, with a current development pipeline exceeding $750 million.

Ownership category

akta.pro rank

Headquarters

HQ city

Roanoke

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Development Fees: Fee-for-service development services providing turnkey development solutions for senior housing communities, yielding exceptional returns for investors.
2. Equity Partnerships: Various equity partnership structures in real estate transactions, creating value for discerning investors through diverse array of deal structures including sales and leasebacks.
3. Property Management Services: Comprehensive property management services including rent collection, property marketing, maintenance management, and full-service partnership support when requested by facility owners.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Smith/Packett is a senior housing real estate developer that delivers turnkey development solutions for independent living, assisted living, memory care, and skilled nursing communities. The company manages the full development lifecycle from market research, site identification, and Certificate of Need (CON) procurement through construction management and project completion. It also provides affiliated property management, financial analysis, and consulting services to operators, healthcare providers, municipalities, and investors across the Southeast United States.

Product overview

Smith/Packett is a senior housing real estate development firm founded in 1982. The company operates as a single integrated offering focused on developing senior living communities across the Southeast United States. Their core products include Independent Living, Assisted Living, Memory Care, and Skilled Nursing facilities developed under the Harmony and The Crossings brands. The company provides end-to-end development services encompassing market research, site selection, Certificate of Need procurement, zoning approvals, construction management, and property management support. Smith/Packett primarily builds new construction projects but also engages in facility acquisitions and renovations. The company's affiliated operator, Harmony Senior Services, manages many of the communities developed, creating an integrated development-operation model.

Differentiator

Problem solved

Functional benefit

Products and services

• Senior Housing Development Services Turnkey development services for senior living communities, managing the full lifecycle from market identification and site selection through zoning, financing, construction, and project completion for operators, healthcare providers, and investors.
• Independent Living Communities Senior housing communities providing independent living options for seniors who can live autonomously but desire community amenities and social opportunities.
• Assisted Living Communities Senior housing communities providing assisted living services for seniors who need help with daily activities while maintaining independence.
• Memory Care Facilities Specialized senior housing with dedicated memory care wings providing care for residents with Alzheimer's and other memory-related conditions.
• Skilled Nursing Facilities Long-term care nursing facilities providing skilled nursing services for seniors requiring intensive medical care, often developed with CON regulatory approval.
• Acquisition and Renovation Services Acquisition and redevelopment of existing senior housing facilities, including renovations and repositioning to improve resident outcomes and create investor value.
• Property Management Services Comprehensive property management services for facility owners, including rent collection, property marketing, maintenance management, and full-service partnership support upon request.
• Certificate of Need and Licensure Consulting Certificate of Need procurement and licensure consulting, leveraging decades of experience navigating state government regulatory approval processes for healthcare and senior housing facilities.

Quantifiable outcome

• Over $1.6 billion in senior living communities developed since 2015
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, flagship and strategic.

• Rycon Construction, Inc.coreStrategic or Co-development Partner · 1 January 2024National construction firm that completed $1.1 billion of revenue in 2023 across eight offices. General contractor for Harmony at Laurel (195 units, $46M+ project) scheduled for completion winter 2026.
• RaLin ConstructioncoreStrategic or Co-development Partner · 1 October 2023General contractor for multiple Smith/Packett projects including Harmony at Eagles Landing (184 units, $49M+ project) and Harmony at Douglasville. Provides construction services for new senior living community development.
• Linkous ConstructioncoreStrategic or Co-development Partner · 1 October 2023General contractor for Harmony at Morning Grove (196 units, $40M+ project in Memphis, TN) with projected opening late 2025.
• March Westin ConstructioncoreStrategic or Co-development Partner · 1 July 2023General contractor for multiple Smith/Packett projects including Harmony at Hockessin (174 units, $38M+), Harmony at Glasgow (184 units, $37M+), and Harmony at Diamond Ridge (184 units, $37M).
• Harmony Senior ServicesflagshipStrategic or Co-development PartnerAffiliated operator company founded by James R. Smith that manages Smith/Packett developed communities. This affiliation allows Smith/Packett to approach each step of development with senior resident and operator needs in mind. Harmony currently manages 23+ Smith/Packett developed or acquired communities.
• Wessex Capital InvestmentscoreStrategic or Co-development PartnerNationally recognized private equity firm founded by James R. Smith with core expertise in value creation through investments in opportunistic acquisitions and new construction of senior housing and commercial real estate. Provides debt and equity financing for Smith/Packett projects.
• Greenbrier Senior LivingstrategicStrategic or Co-development PartnerThird-party senior living operator managing select communities including The Crossings at North River (198 units, Tuscaloosa, AL) and Greenbrier at Riverchase (198 units, Hoover, AL).
• Saber Healthcare GroupstrategicStrategic or Co-development PartnerHealthcare management company managing skilled nursing facilities developed or acquired by Smith/Packett including Riverside Shore Rehabilitation (136-bed facility in Parksley, VA) and Dockside Health & Rehab Center.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Erickson Senior Living: Continuing care retirement community (CCRC) developer and operator. Erickson's model of large-scale, campus-style senior housing developments with integrated services is directly comparable to Smith/Packett's expertise in developing full-service senior living communities with central amenities.
• Sagora Senior Living: Operator and developer of assisted living and memory care communities in the southern U.S. — closely comparable to Smith/Packett's geographic footprint and emphasis on developer-operator partnerships in the Southeast.
• Watermark Retirement Communities: Developer and operator of independent living, assisted living, and memory care communities across the U.S. Comparable to Smith/Packett's developer-led model with operator partnerships and similar senior housing product mix.
• Senior Lifestyle: Senior living operator and developer with a multi-state portfolio across independent living, assisted living, and memory care — comparable to Smith/Packett's mix of new construction, acquisition, and operator-partnership development for senior housing communities.
• Life Care Services (LCS): The largest operator/developer of senior living communities in the U.S. LCS combines third-party management, development, and owner-affiliated models — directly comparable to Smith/Packett's vertically integrated developer-operator approach and its multi-state senior housing pipeline focus.

Broad incumbents

• National Health Investors (NHI): Healthcare REIT specializing in senior housing and skilled nursing triple-net leases. Comparable as both a frequent acquirer of Smith/Packett-style developed communities and a peer in the broader senior housing capital chain.
• Atria Senior Living: Major multi-state operator of senior living communities. Comparable to Harmony Senior Services (Smith/Packett's affiliated operator) and an indicator of the operator landscape Smith/Packett's developments feed into.
• Welltower: Healthcare REIT with the largest U.S. senior housing operating portfolio. Comparable as an institutional buyer of senior living communities developed by firms like Smith/Packett, and a capital markets counterparty that shapes industry deal economics.
• Ventas: S&P 500 healthcare REIT with a large senior housing operating and investment portfolio. Comparable as an institutional acquirer and capital partner for senior housing developers like Smith/Packett, even though its operating model is broader.

Others

• Griffin-American Healthcare REIT: Healthcare REIT that acquired Smith/Packett's Crossings at Bon Air asset in 2015; representative of institutional acquisition capital Smith/Packett regularly recycles communities into.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smith/Packett