Martha Bray and her husband were happy living at River Glen of St. Charles, a senior living community in Chicago, until it was sold to new owners who drastically increased their monthly maintenance fees. The new owners, a private equity firm and real estate investment group, also changed the terms of the residents’ contracts, ultimately forcing many, including Bray, to move out. Residents felt like their financial security was no longer guaranteed. The new owners’ changes were driven by a desire for higher profits, rather than the well-being of the residents. Recourse for affected residents was limited, leaving them feeling helpless and taken advantage of.
The new owners, Jaybird Capital and Citrine Investment Group, have faced criticism for their handling of facilities, including incidents where residents wandered unsupervised and died. Despite these issues, the investors continue to acquire senior living communities, driven by the growing senior population. Private equity firms have become major players in the senior living industry, often making changes to increase profits, such as shifting away from the traditional entry fee model to renting units instead.
The residents of River Glen felt betrayed by the new owners’ abrupt changes and lack of discussion. Many were left with higher fees and reduced financial security. Residents like Martha Bray and Susan French, among others, were forced to leave the community they had come to love. The lack of legal protection for seniors in these situations highlights the need for legislation to safeguard their rights and provide greater transparency and security in senior living contracts.
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