Covenant Woods

What Covenant Woods does

Covenant Woods is a not-for-profit 501(c)(3) Life Plan Community (Continuing Care Retirement Community) located on a 90-acre campus in Mechanicsville, Virginia, near Richmond. Founded in 1883 as The Richmond Home for Ladies by representatives of Richmond's Methodist and Presbyterian churches, the organization has operated continuously for more than 140 years and now serves more than 350 residents across a full continuum of senior care. The community offers independent living through 13 apartment floor plans (770-1,660 sq ft, from $4,525/month with $291,500 entrance fee) and 8 cottage floor plans (1,510-1,987 sq ft, from $6,363/month with $514,302 entrance fee), as well as 39 assisted living rooms ($253/day), 21 memory support rooms ($294/day), 62 skilled nursing rooms ($412/day), and physical/occupational/speech therapy services in Manor East. Healthcare services are also available to non-residents through a Direct Admission program on a space-available basis.

The revenue model combines recurring monthly residency fees, one-time entrance fees (Lifecare or Fee-for-Service contract options with varying refundability), and per-diem healthcare service fees. Two contractual structures coexist: Lifecare contracts provide predictable healthcare rates and guaranteed priority access to on-site care, while Fee-for-Service offers lower entrance fees in exchange for full healthcare rates if needed. Notable proprietary assets include the CATIE tablet-based Communication and Access To Information Everywhere digital assistant provided in every apartment and cottage, a 20,000 sq ft organic no-till campus farm producing over 7,000 pounds of produce annually (supplying up to 30% of restaurant produce in peak season), and the award-winning Opening Minds through Art (OMA) intergenerational dementia program.

Distribution is sales-led with a dedicated sales team reachable at 804.569.4281, supported by personal tours, information sessions, a content-rich website, organic Facebook and LinkedIn presence, and earned media through PBS Virginia Home Grown, Virginia Living magazine (Best of Virginia 2022, 2023, 2025), and Richmond Magazine. The community holds its fourth consecutive CARF five-year accreditation as of 2025, a distinction held by fewer than 10% of Life Plan Communities. Governance is provided by a volunteer Board of Directors chaired by Kyle Russell, with operating leadership under President and CEO Thom Wright and CFO Juanita Parks.

Name

Covenant Woods

Legal name

Covenant Woods

Website

https://covenantwoods.com

Company type

Private

Founded year

1883

Operating status

Operating

Short description

Covenant Woods is a not-for-profit 501(c)(3) Life Plan Community on a 90-acre campus in Mechanicsville, Virginia, serving 350+ seniors through independent living, assisted living, memory support, skilled nursing, and therapy services under Lifecare and Fee-for-Service contracts.

Ownership category

akta.pro rank

Product category

Continuing Care Retirement Community (Life Plan Community / Senior Living Services)

NAICS

Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (62331), Nursing and Residential Care Facilities (623), Continuing Care Retirement Communities and Assisted Living Facilities for the Elderly (6233)

SIC

Services-Nursing & Personal Care Facilities (8050), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Life Plan / Entrance-Fee CCRCs (HLADAEAA)

Keywords

• Senior living services
• Continuing care retirement
• Independent living community
• Assisted living care
• Memory support services

Headquarters

HQ city

Mechanicsville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Monthly Residency Fees: Recurring monthly fees for independent living (apartments and cottages) that cover housing, utilities, maintenance, amenities, activities, security, and dining. Fees vary based on residence type (apartment vs cottage), size, and number of occupants.
2. Entrance Fees: One-time entrance fees for residency agreements. Apartments start at $291,500, cottages at $514,302. Entrance fees vary based on Lifecare or Fee-for-Service contract option and refundability choices.
3. Healthcare Service Fees: Daily/monthly fees for assisted living, memory support, and skilled nursing care. Rates include room, meals, activities, and cable/WiFi. Additional fees apply for medical supplies, transportation, salon services.
4. Lifecare Contract Pre-payment: Lifecare contracts provide pre-payment for future healthcare needs at predictable rates, mitigating rising healthcare costs for residents.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Covenant Woods is a Life Plan Community (Continuing Care Retirement Community) that sells independent living in apartments and cottages, assisted living, memory support, skilled nursing, and physical/occupational/speech therapy services on a single 90-acre campus in Mechanicsville, Virginia. Residents pay a one-time entrance fee plus ongoing monthly service fees, with guaranteed priority access to higher levels of care through Lifecare or Fee-for-Service contracts.

Product overview

Covenant Woods is a Life Plan Community (Continuing Care Retirement Community) offering a comprehensive continuum of senior living and healthcare services. The community provides independent living through 13 apartment floor plans in The Manor, Manor West, and The Lodge, as well as freestanding cottages in Brookview, Woodview, and Gardenview neighborhoods. Health services include assisted living (39 rooms), memory support (21 rooms), and skilled nursing (62 private rooms) in Manor East, along with physical, occupational, and speech therapy services. Culinary offerings span three dining venues: Traditions, Fireside with The Terrace, and The Bistro. Unique amenities include a 20,000-square-foot organic campus farm supporting farm-to-table dining, wellness facilities with fitness center and heated indoor pool, and the CATIE tablet-based digital assistant for resident communication. Contract options include Lifecare (predictable healthcare rates with priority access) and Fee-for-Service plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Independent Living - Apartments Maintenance-free apartment living with 13 different floor plans ranging from 770 to 1,660 square feet in The Manor, Manor West, and The Lodge; includes modern finishes, full kitchens, private balconies, utilities, housekeeping, maintenance, dining access, and amenities. Apartments start at $4,525/month with an entrance fee from $291,500.
• Independent Living - Cottages Freestanding single-family cottage homes ranging from 1,510 to 1,987 square feet with open floor plans, high ceilings, gas fireplaces, two bedrooms, and attached garages in Brookview, Woodview, and Gardenview neighborhoods. Cottages start at $6,363/month with an entrance fee from $514,302.
• Assisted Living Personalized assistance with daily living activities including bathing, dressing, grooming, and medication management, featuring 39 private rooms with dedicated dining and common areas. Priced at $253/day ($7,590/month) plus a $1,000 community fee.
• Memory Support Specialized dementia and Alzheimer's care with 21 private rooms, featuring staff trained in dementia care, the award-winning Opening Minds through Art (OMA) program, and certified pet therapy dog Jett. Priced at $294/day ($8,820/month) plus a $1,000 community fee.
• Skilled Nursing 24-hour compassionate skilled nursing care with 62 private rooms, providing long-term care and short-term Medicare-certified rehabilitation services. Priced at $412/day ($12,360/month).
• Therapy Services Comprehensive physical, occupational, and speech therapies available for inpatient short-term rehabilitation and outpatient services to aid recovery from surgery, illness, or injury.
• Respite Care Short-term respite care stays for family caregivers, offering individuals the opportunity to experience community life while receiving personalized care and meals.
• Direct Admission (Non-Resident Healthcare) Direct admission to assisted living, memory support, or skilled nursing care at Manor East on a space-available basis for non-residents, with a $1,000 community fee applying.
• Lifecare Contract Life Plan residency agreement offering predictable healthcare rates for life, guaranteed priority access to on-site care services, and various entrance fee refund options in exchange for a higher entrance fee.
• Fee-for-Service Contract Residency contract option with a lower entrance fee than Lifecare; residents pay full per-diem rates for healthcare services if and when they need assisted living, memory support, or skilled nursing.
• Culinary Services (Traditions, Fireside, The Bistro) Three on-campus dining venues included in resident services: Traditions (upscale buffet and cook-to-order in The Manor), Fireside with The Terrace (upscale-casual lunch and dinner with full bar in The Lodge), and The Bistro (casual made-to-order sandwiches, smash burgers, and coffee bar in The Manor). Produce is partially sourced from the on-site campus farm.
• CATIE Digital Assistant Service Communication and Access To Information Everywhere (CATIE) tablet platform provided with each apartment or cottage, providing real-time community information, activity schedules, restaurant menus, resident/staff directory, mail notifications, weather updates, and housekeeping/maintenance service requests.
• Campus Farm Program 20,000-square-foot organic, no-till campus farm producing vegetables, berries, figs, and herbs; supplies up to 30% of restaurant produce during high season and produced over 7,000 pounds in 2024. Managed by a professional farm manager with resident volunteer opportunities.

Quantifiable outcome

• 350+ residents call Covenant Woods home
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• PBS/VPM - Virginia Home GrownminorStrategic or Co-development PartnerPBS producers featured Covenant Woods' campus farm on the 'Virginia Home Grown' series, highlighting the innovative 20,000-square-foot farm-to-table program unique among senior living communities.
• Richmond MagazineminorOthersFeatured article on wellness benefits of gardening highlighting Covenant Woods' campus farm and its positive impact on residents' health and well-being.
• Virginia Living MagazinecoreOthersAnnual Best of Virginia readers' survey awards recognizing Covenant Woods as Central Virginia's Best Retirement Community for three consecutive years (2022, 2023, 2025).
• Commission on Accreditation of Rehabilitation Facilities (CARF)coreOthersCARF granted Covenant Woods its fourth consecutive five-year accreditation, placing it among less than 10% of Life Plan Communities with this distinction.
• GrandPals Program (Mechanicsville Elementary School)minorStrategic or Co-development PartnerIntergenerational program connecting Covenant Woods residents with elementary school students through reading, activities, and mentorship. Eight-year partnership bridging generations.
• K-9 Caring AngelsminorOthersNon-profit organization that trains and places therapy and service dogs. Provided Jett, the certified pet therapy dog 'Chief Petting Officer' who serves in the memory support neighborhood.
• The GuildminorStrategic or Co-development PartnerLongest-running volunteer group exclusively committed to promoting happiness, comfort, and welfare of residents in Manor East health care. Meets monthly and welcomes new members.
• Mechanicsville Churches Emergency Functions (MCEF) Food PantryminorOthersCampus farm donates produce to local food pantry, supporting people in need in the surrounding community. Brings farm-to-table program full circle.
• James River AssociationminorOthersMadison, Farm Manager, began her horticulture career volunteering with James River Association, working to restore public trails and remove invasive species.

Scale indicators12 records

Recent moves15 records

Expansion highlights5 records

Broad incumbents

• Life Care Services: Life Care Services is the largest operator of CCRCs/Life Plan Communities in the U.S., managing over 140 communities. As the management services company, they are a broad incumbent serving the same CCRC category as Covenant Woods but at national scale.
• Bayada Home Health Care: Bayada is a large nonprofit home health and personal care services provider serving seniors across the U.S. Adjacent to Covenant Woods' assisted living/skilled nursing business through alternative-care delivery for the same elderly population.

Direct peers

• Sunrise Senior Living: Sunrise Senior Living operates assisted living and memory care communities across the U.S. with a comparable continuum-of-care model and senior living target market, making it a direct peer for Covenant Woods' assisted living and memory support service lines.
• Brookdale Senior Living: Brookdale Senior Living is the largest U.S. senior living operator with independent living, assisted living, memory care, and skilled nursing. While for-profit, they serve the same customer base and product categories as Covenant Woods at much greater scale.
• Atria Senior Living: Atria Senior Living operates more than 200 senior living communities offering independent living, assisted living, and memory care. Comparable business model and target customer segment to Covenant Woods, though focused on urban/suburban markets.
• Erickson Senior Living: Erickson Senior Living operates large-scale CCRCs primarily on the East Coast with a similar full-continuum model and entrance-fee structure to Covenant Woods. Highly comparable on customer profile (active seniors seeking guaranteed future healthcare).
• Five Star Senior Living: Five Star Senior Living operates independent living, assisted living, and skilled nursing communities across the U.S. Operates comparable product lines and serves the same senior living customer segments as Covenant Woods.
• Senior Lifestyle: Senior Lifestyle operates independent living, assisted living, memory care, and skilled nursing communities in the U.S. Comparable product offering and customer base, including both corporate and nonprofit community models.
• Acts Retirement-Life Communities: Acts Retirement-Life Communities is a nonprofit operator of 28+ Life Plan Communities primarily in the Mid-Atlantic and Southeast U.S. Closest peer in terms of nonprofit CCRC model, East Coast geography, and entrance-fee structure.

Regional players

• Riverside Health System: Riverside Health System is a regional nonprofit healthcare provider serving eastern Virginia, including Life Plan Communities (e.g., Warwick Forest, Sanders) in the same Virginia geography as Covenant Woods. Comparable CCRC model and nonprofit governance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/CovenantWoods
• LinkedInlinkedin.com/company/covenant-woods

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles31 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 Covenant Woods