South Korea's Largest Multifamily Operator and U.S. Senior Living Operator Form New Joint Venture Management Platform
SEOUL, South Korea, July 16, 2024 /PRNewswire-PRWeb/ -- Today, Seoul-based GH Partners and US-based Thrive Senior Living announce the formation of Thrive-GHP, a joint-venture company formed to offer management services in the rapidly growing South Korean senior living sector.
South Korea's senior population is growing at the fastest pace of any nation globally. Compared to other developed nations, South Korea has lagged in the formation of a robust Senior Living industry. As developers and property owners rush to provide South Korean seniors with living options, the lack of experienced operators has become an obstacle.
Through combining the South Korean team and established presence of GH Partners with the global senior living experience of Thrive, Thrive-GHP will offer a world-class management solution capable of the quality of oversight, reporting, and compliance demanded by institutional-grade investors.
By initially focusing exclusively on Active Adult and Independent Living product types, Thrive-GHP will be able to offer South Korean seniors the ability to live in a supportive and safe environment for as long as they desire. By coordinating and supervising third party care, Thrive-GHP will delay or eliminate the need for a future move to a higher level of care.
Thrive-GHP will offer the ability for property owners and developers to accelerate their entry into the senior living sector by offering other services such as brand licensing, technology partnerships, economies of scale through buying power, and world-class customer service training programs.
About GH Partners: GH Partners is the largest multifamily management company in Korea, providing a full range of value-added services to its corporate clients - REITs, funds, private and public corporations, and high net worth individuals. Since its establishment in 2018, GH Partners has experience in managing more than 21,000 multifamily residential units across the country. GH Partners manages over 19,500 rental apartment units or 40 properties in primary markets across the country as of Q2 2024.
About Thrive Senior Living: Founded in 2008 in Atlanta, GA, Thrive has developed, owned, and operated over $2.5B USD in senior living communities worldwide. Through its realized direct investments, Thrive has returned a 24.2% IRR and a 3.1X Multiple to its investors. With joint-venture senior living businesses in the United Kingdom and Singapore, Thrive continues to expand into new markets and serve the rapidly growing global senior population.
For more information, contact Thrive-GHP at [email protected] or [email protected] for Korean.
Media Contact
Jeramy Ragsdale, Thrive-GHP, 1 (404) 965-4132, [email protected], thrive-ghp.com
SOURCE Thrive-GHP
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