Integrity Senior Properties Investments

What Integrity Senior Properties Investments does

Integrity Senior Properties Investments, LLC is a privately held, Greensboro, North Carolina-headquartered (Florida-domiciled) LLC that consolidates small-to-mid-size senior living facilities across the southeastern United States through a tax-deferred contribution model. Owners contribute their assisted living, skilled nursing, or continuing care retirement community properties in exchange for a combination of cash and fully voting LLC ownership units, fully deferring capital gains tax at contribution. Integrity holds 19 licensed facilities in North Carolina, Florida, Georgia, Tennessee, and Maryland, with a stated target portfolio value of $150M–$200M and a target composition of 80% Assisted Living Facilities, 10% Skilled Nursing Facilities, and 10% Continuing Care Retirement Communities, with a resident payor mix of 30% Medicaid and 70% private pay. Ownership is 98% held by contributing Partners and 2% by an original founding member, with no venture capital or private equity control.

The company is governed by a Board of Directors composed entirely of former owner/operators and generates revenue principally through management fees under Integrity Management Agreements—either paid by contributing Partners who elect to continue running their facilities, or collected by Integrity's internal Facility Management Division (established late 2017, currently operating 8 licensed facilities) for facilities whose Partners have retired. Centralized administrative, clinical, regulatory, and physical-plant support services are delivered through external partners including BDO (accounting/tax), Engage (payroll, workers' comp, HR), Berkadia (healthcare real estate financing), Bank Leumi and United Community Bank (acquisition financing), Marcus & Millichap (investment transactions), Pivot (annual review), NALRRG (insurance), and third-party appraisers (CBRE, Cushman & Wakefield, Integra). Each transaction follows a documented Letter of Intent, financial underwriting (12-month trailing financials, census, rent roll), third-party appraisal (closing triggered when appraisal is within 5% of agreed value), and formal closing process.

Integrity's go-to-market is sales-led and relationship-driven: the executive team conducts direct outreach to facility owner/operators, augmented by Partner referrals, broker relationships, and informal healthcare-industry connections. Digital presence is limited to a Wix-hosted company website and Google AdWords remarketing. Integrity is not a technology company—it operates no mobile app, no public API, no proprietary software platform, and has no disclosed AI/ML capability. Its competitive position is built on tax-structuring expertise, embedded operator experience, southeastern regulatory familiarity, and centralized back-office economies of scale rather than technology differentiation. Leadership comprises CEO Fred Leonard (appointed June 2020; 23 years of ALF ownership, Big Four accounting background), COO Debra Kirby (25+ years as ALF owner/administrator of four facilities; NALRRG board member), and CIO Jonathan Short (former First Capital Mortgage executive with $600MM+ in healthcare property originations).

Name

Integrity Senior Properties Investments

Legal name

Integrity Senior Properties Investments, LLC

Website

https://integrityspillc.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

1–10 employees

Short description

Integrity Senior Properties Investments is a private Greensboro, NC-based LLC that consolidates small-to-mid-size southeastern U.S. senior living facilities via a tax-deferred contribution model, owning 19 licensed assisted living, skilled nursing, and CCRC assets across five states.

Ownership category

akta.pro rank

Product category

Senior Living Facility Management

NAICS

Continuing Care Retirement Communities (623311)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Dealers (For Their Own Account) (6532)

akta.pro industry

PRIMARYBPAJAMAH

Healthcare & Senior Housing Real Estate Asset Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Real Estate Asset & Portfolio Management

SECONDARYBPAJAFAE

Senior & Assisted Living Residential Property Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Residential Property Management

SECONDARYBPAJAGAI

Senior Living Property Management

Business & Public Services/Real Estate Services (Brokerage, Property Management)/Commercial Property Management

Keywords

• Senior living facilities
• Assisted living services
• Tax-deferred contributions
• Healthcare real estate
• Facility management services

Headquarters

HQ city

Burlington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. Management fees from contributed facilities: When contributing Partners choose to continue managing their facilities, they operate under an Integrity standard Management Agreement and pay a management fee. Additionally, Integrity's internal management company runs facilities where Partners have fully retired, generating management fee revenue.
2. Portfolio consolidation and economies of scale: Integrity centralizes accounting, payroll, bookkeeping, and management across its portfolio, creating operational efficiencies and cost savings. The company aims to reach $150M-$200M in portfolio value. Revenue is generated through the appreciation of the consolidated portfolio and operational savings.
3. Capital gains tax deferral contribution model: The primary value exchange is facility contribution in exchange for cash and ownership units, with capital gains tax fully deferred. While this is not direct revenue, the contribution structure enables portfolio growth without requiring traditional acquisition capital, and ongoing operational fees support the business.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Integrity Senior Properties Investments acquires and consolidates small-to-mid-size senior living facilities through a tax-deferred contribution model in which facility owners exchange their properties for a combination of cash and fully voting ownership units in the LLC, with capital gains taxes fully deferred. The company centralizes accounting, payroll, clinical, regulatory, and physical plant support across its 19-facility portfolio in the southeastern United States, and runs an internal Facility Management Division for Partners who opt out of ongoing operations.

Product overview

Integrity Senior Properties Investments is a Board of Director-managed LLC that assembles senior healthcare facilities under a partner-owned umbrella. The company operates primarily as an investment and ownership entity rather than a single product or platform. Its core offerings include a portfolio of 19 licensed senior living facilities across Independent Living, Memory Care, Assisted Living, and Skilled Nursing/CCRC services, with a target portfolio composition of 80% ALF, 10% SNF, and 10% CCRC, and a payor mix of 30% Medicaid and 70% private pay. The company provides a unique contribution model where facility owners become minority partners, deferring Capital Gains taxes while maintaining access to centralized administrative, clinical, and physical plant support services through the Facility Management Division. The company focuses on small to mid-size 'brick and mortar' Assisted Living Facilities in the Southeastern United States (North Carolina, Georgia, Florida, Maryland, and Tennessee).

Differentiator

Problem solved

Functional benefit

Products and services

• Tax-Deferred Facility Contribution Program Structured acquisition program in which small-to-mid-size senior living facility owners contribute their facility to Integrity and receive the full appraised value in a combination of cash and fully voting ownership units, with capital gains taxes fully deferred at contribution. Targets owner/operators of assisted living, skilled nursing, and CCRC facilities in the southeastern U.S. who want to monetize their business while preserving optional involvement in management.
• Facility Management Division Internal management arm of Integrity that operates senior living facilities whose contributing Partners have fully retired or opted out of day-to-day operations, providing clinical, accounting, legal, and administrative support to those facilities.
• Assisted Living Services Resident care and housing services for seniors who need assistance with daily activities, ranging from transportation to dining. Represents the primary service line of the Integrity portfolio (target mix 80% of portfolio).
• Memory Care Services Specialized care services for residents with fading mental capacities requiring more intensive daily support.
• Independent Living Services Housing services for seniors capable of totally caring for themselves, including driving. Initially a very small part of the Integrity portfolio.
• Skilled Nursing Services Higher-level medical care provided by Registered Nurses and Doctors on staff at CCRC and skilled nursing facilities within the Integrity portfolio.
• Continuing Care Retirement Community (CCRC) Services Integrated senior living campus combining Assisted Living, Skilled Nursing, Independent Living, and Memory Care services on one site. Included in Integrity's growth plans, targeting 10% of the portfolio.

Quantifiable outcome

• Capital gains tax fully deferred upon contribution of facility into Integrity, with tax deferral continuing even when accepting operating partnership unit dividends
• +3 more outcomes

Named customers12 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered major, core and minor.

• Marcus & MillichapmajorChannel Partner/ Reseller/ DistributorMarcus & Millichap is listed as a supporting partner, described as the firm that closes more investment transactions annually than any other firm in the United States. They likely serve as a broker/channel partner identifying and bringing senior living facility acquisition opportunities to Integrity's attention.
• BDOcoreImplementation/ SI/ Consulting PartnerBDO, the eighth largest accounting firm in the world, prepares Integrity's annual tax returns. Integrity consolidated its facility accounting with BDO out of Jacksonville, Florida. BDO provides professional accounting, tax, and advisory services supporting Integrity's centralized financial operations.
• PivotmajorImplementation/ SI/ Consulting PartnerPivot CPAs performs Integrity's Annual Review for its banks and Partners. Pivot provides independent financial review and audit services that support Integrity's reporting obligations to its banking partners and investor Partners.
• National Assisted Living Risk Retention Group (NALRRG)majorOthersNALRRG is a U.S. domiciled insurance company serving the assisted living industry, formed by members of the North Carolina Association of Long Term Care Facilities. CEO Debra Kirby serves on NALRRG's Board of Directors. NALRRG provides specialized insurance products for Integrity's facilities and has earned a Financial Stability Rating of A (Exceptional) from Demotech, Inc.
• EngagecoreOthersIntegrity has consolidated its payroll, workers' compensation, and human resources functions with Engage. Engage provides HR technology and employer of record services supporting Integrity's centralized payroll and HR operations across its 19 licensed facilities.
• CBRE / Cushman & Wakefield / Integra (Third-Party Appraisers)majorOthersIntegrity engages third-party appraisal firms — typically Integra, CBRE, or Cushman & Wakefield — to independently value contributed facilities. Appraisals are a required step in the contribution process; if the appraisal reflects a value within 5% of the Contribution Letter value, the contribution is finalized.
• SunUp AdvantageminorOthersSunUp Advantage is listed as a supporting partner of Integrity. SunUp Advantage is a healthcare consulting or managed care organization that may provide value-based care or Medicare Advantage related services to Integrity's facilities.
• Lucinda Management, LLCmajorOthersLucinda Management, LLC is the management company that operates Integrity-McAlpine Adult Care in Morganton, North Carolina. This is an outbound management arrangement where Integrity contracts with a third-party operator to manage a specific contributed facility.
• LOR Healthcare Management, LLCmajorOthersLOR Healthcare Management, LLC manages Integrity-Hermitage Retirement Center in Rockingham, North Carolina. This is an outbound management arrangement where the contributing Partner (John Leandro) continues operating through a healthcare management company under an Integrity management agreement.
• Sharlet, LLCmajorOthersSharlet, LLC manages Integrity-Houston House in Union Mills, North Carolina under the direction of Partner Janet Bush. This represents an outbound management arrangement consistent with Integrity's model of allowing contributing Partners to continue operating their facilities.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Sabra Health Care REIT: Healthcare REIT investing in senior housing, skilled nursing, and behavioral health real estate. Operates at larger scale and primarily through triple-net and RIDEA structures rather than Integrity's contribution model, but competes for similar mid-market senior housing assets.
• Welltower: Largest publicly traded healthcare REIT with a major seniors housing operating portfolio. Operates at much greater scale than Integrity but shares the focus on owning and operating senior housing real estate and serves as the strategic benchmark for portfolio-level valuation in this category.
• American Healthcare REIT: Healthcare REIT with a growing seniors housing operating portfolio. Comparable to Integrity in focusing on senior living real estate ownership and operations, although structured as a publicly traded REIT.
• CareTrust REIT: Healthcare REIT focused on seniors housing and skilled nursing, with a track record of acquiring mid-size operating portfolios. Most comparable to Integrity in asset class and target size, though publicly traded and capital-markets funded.
• Ventas: Diversified healthcare REIT with a meaningful seniors housing operating segment. Comparable to Integrity as an institutional owner-operator of senior care assets, though its portfolio spans medical office, life sciences, and senior housing.
• National Health Investors: Healthcare REIT with a senior housing and skilled nursing portfolio. Comparable to Integrity as a real estate investor in senior care, though structured as a publicly traded REIT rather than an operator-led partnership.
• LTC Properties: Healthcare REIT focused on seniors housing and skilled nursing properties primarily leased to operators. Comparable in asset class and mid-market orientation, although LTC is principally a landlord rather than an operator-integrated model.

Direct peers

• Sonida Senior Living: Operator of assisted living and memory care communities across the US. Comparable to Integrity as a senior living operator with a multi-state footprint, though smaller in scale and listed rather than privately held.
• Brookdale Senior Living: Largest US operator of senior living communities, providing assisted living, memory care, and independent living services. Directly comparable to Integrity in operating model and resident population, although at far greater scale and as a publicly traded operator.

Emerging players

• The Pennant Group: Provider of senior living, home health, and hospice services across the western and southern US. Comparable to Integrity in operating model and footprint overlap, though focused on home health and hospice in addition to senior living.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/integrity-senior-properties-investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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 Integrity Senior Properties Investments