For the past 15 years, the residents of Hoosier Village, a nonprofit life plan community in Zionsville, have come together to host an annual flea market to raise funds for a good cause.
The Hoosier Village Flea Market, which will sell household items no longer needed by residents, will be presented May 18, 19, and 20 from 9 a.m. to 1 p.m. at 5300 W 96th St., in Zionsville. It is open to the public.
The Hoosier Village Flea Market has grown through the years, raising nearly $200,000 to fund a variety of initiatives, including community park benches, wheelchairs and an art gallery, to name a few.
The Baptist Homes of Indiana Foundation, which oversees the proceeds, is partnered with the flea market and matches up to $10,000 to what the market raises throughout the year.
“This is a huge benefit for people to buy really nice stuff for a low cost, and the items that are left over are donated to a wide variety of charitable organizations,” said Nancy Nelson, vice president of communications and public relations at Hoosier Village. “So, the impact of this flea market goes a long way.”
The flea market was launched in 2005 by Hoosier Village resident Marcia Schoonaert, 82, who led community efforts to reuse, repurpose and recycle for more than 20 years as a recycling educator in the 1970s.
“I don’t like to waste things. It’s not in my nature,” Schoonaert said. “I’ve always been a volunteer for everything and anything, so starting the flea market at Hoosier Village was a natural fit. I’ve got a team of volunteers that feel the same way I do about helping others.”
The residents and volunteers wanted to organize an event that would bring their community together to help others in need.
“Young people that are just starting out with their first home have come to the flea market and have been delighted by what they were able to get with what little money they had to furnish their home,” Schoonaert said.
Residents of Hoosier Village volunteer to organize, sort and price items donated to the flea market.
“By the end of the week, as the market gets closer, there will be close to 50 volunteers that will have helped the market open,” Schoonaert said.
The flea market is a special event for the residents of Hoosier Village, not only to raise funds but also for the comradery.
“We all work together to make this market happen, and we all have the same goal, to help the residents which has brought all of us together as a community and as friends,” Schoonaert said.
With vintage and antique items for sale at the market, the items are often imbued with a sense of nostalgia and history that cannot be replicated by new products.
“Most of the items are very old. You can’t buy these items at the store,” Schoonaert said. “The original owner might have been a collector or an artist. People buy some of the items for presents for their families.”
Collectables are also sold at the market, ranging from wood-carved figurines to hand-crafted plates and bowls.
“The market is a lot of work, but we all enjoy it and we all get along and look forward to it,” Hoosier resident and volunteer Suzanne Aldrich said.
About Hoosier Village
Hoosier Village is a nonprofit life plan community founded in 1952. A life plan community offers quality senior housing, freedom from the responsibilities of home maintenance, and the security of an on-site continuum of care.
Life plan communities provide individuals 62 and over with the following:
The privacy of an apartment or duplex home and the companionship of community life.
A wide range of helpful services such as housekeeping, transportation and home maintenance.
A variety of amenities such as a fitness center, library, inter-denominational chapel and dining venues.
A full calendar of engaging activities, including social, recreational, spiritual and educational opportunities.
A continuum of on-site health care that includes assisted living, memory care, skilled nursing and rehabilitation services.
For more, visit hoosiervillage.com.
BHI Senior Living on growth tear, even as some of its rivals sputter
Written by John Russell See original article: ibj.com
Under a chilly, gray sky at Hoosier Village retirement community in Zionsville, a cement truck rumbled, and construction workers got busy pouring the foundation for an 80-unit assisted-living building—the fifth expansion in seven years at the 300-acre campus. A few hundred yards away, other workers were putting the finishing touches on a new entrance gatehouse.
The retirement community, owned by Zionsville-based BHI Senior Living Inc., is racing against the weather on a $20 million expansion, which it wants to complete by spring 2021.
Overall, Hoosier Village has a waiting list of more than 200, even with entry fees of up to $660,000 and monthly service fees of around $2,000. Demand is highest for independent- and assisted-living units, especially for the spacious duplexes of up to 4,300 square feet, with large kitchens, master bedrooms, sunrooms, full basements, and two-car garages. The entire upscale campus, with about 500 units, is full except for a few units offering skilled nursing and memory care, specialized sectors with higher services and prices.
“Demand is extremely strong,” CEO John Dattilo said. “Really, it’s across the board. … That’s why we did a $100 million bond issue last year so we could expand this campus significantly.”
If that weren’t enough to keep him busy, Dattilo also oversees four other retirement communities, stretching from Fort Wayne to Columbus. And the company recently took over the bankrupt Barrington of Carmel, a luxury retirement community, which it bought out of Chapter 11 this summer for $61 million.
BHI is having a gangbuster year, even as some other retirement communities are struggling or slipping into bankruptcy—pulled down with heavy debt, uneven demand, stiff competition for tenants and a growing shortage of nurses and aides. Across the United States, the occupancy rate for senior housing dropped below 88% last year, the lowest level since 2010, according to the National Investment Center for Seniors Housing and Care, a not-for-profit research organization based in Annapolis, Maryland.
The occupancy rate for assisted living—apartments with central dining rooms, educational activities, and recreation programs—was 85%, the lowest since the organization began collecting data in 2005.
In Indiana, the picture is mixed, with “intense competition” in many markets where lots of new capacity has been added in recent years, said Zachary Cattell, president of the Indiana Health Care Association, a nursing home trade group.
“Nearly every city or town of moderate size across the state has a new assisted-living or independent-living community that has opened, is opening or is under construction,” he said.
Meanwhile, the skilled-nursing segment—housing for patients needing constant attention and care—is struggling with overcapacity, he said, with average occupancies in the low 70% range. The assisted-living and independent-living sectors, which depend predominantly on private pay rather than Medicare or Medicaid, appear to be healthy but competitive, Cattell said.
Avoiding the pitfalls
In the midst of this tough environment, BHI appears to be thriving. The operation had revenue of $51.4 million last year, up 4% from 2017, according to its Form 990 tax return. The not-for-profit ended 2018 with a $2.2 million surplus.
BHI’s chief financial officer, Roger Weideman, said much of the overbuilding was done by the for-profit sector, which overestimated the demand for retirement housing.
Meanwhile, BHI was growing at a more measured pace, opening new units only when it had pre-sales in hand and a waiting list to count on for future sales. Dattilo credits much of the company’s success to its campus-like settings, with plenty of recreational and educational programs, including arts classes, swimming pools, hiking trails, and community centers. Even small touches, like a firepit in a common area on campus, where residents can gather, make a difference.“The for-profit sector seems to have jumped the gun a little bit,” he said. “You know, people retire at 65. But they’re not necessarily ready for a product like this until 75, for independent living, or their 80s for assisted living.”
“A lot of the independent-living and assisted-living properties out there are really just apartment offerings, versus a true campus or wider community offering,” he said. “I do think some of those are struggling because they’re having difficulty trying to present themselves as something unique, as opposed to full-service retirement communities.”
Hoosier Village’s leafy campus, nestled along Zionsville Road and West 96th Street, is like a small town, with several neighborhoods divided into independent living, assisted living, skilled nursing and memory care, anchored by a community center and several small lakes.
The campus actually began more than a century ago as a church-sponsored orphanage called Crawford Baptist Industrial School, on 185 donated acres in Zionsville. From 1905 to 1951, more than 1,500 children called the complex home. In the early 1950s, as orphanages began phasing out, the complex changed its name to Indiana Baptist Home and began taking in senior citizens. The campus was renamed Hoosier Village in 1952. The headquarters of BHI is on the southern side of the campus, off West 96th Street.
Altogether, Hoosier Village offers five neighborhoods for independent living, one for assisted living, a memory support center, and a health and rehabilitation center. When the latest expansion is complete, the complex will have close to 600 units. Residents can move from one part of the community to another as their health needs change. The current expansion is just the latest in a campus building blitz over the past decade. In 2012, the company opened Hickory Hall, a memory support center; along with a wellness center with indoor pool, fitness center, spa, and art studio. In 2013, it opened Hawthorn Hall, a three-story assisted-living complex with apartments and restaurants. In 2017, it opened The Oaks, a development featuring 4,000-square-foot duplexes. And earlier this year, it opened Poplar Chase, a complex featuring single-family homes and duplexes.
Much of the company’s funding comes from residents’ six-figure entry fees. When a resident moves out or dies, BHI refunds about 80% of the fee. In the meantime, BHI gets to use the money, often for a decade or more, to fund capital projects. Other expenses are funded through the monthly service fees, which can run as high as $2,280.
Those high fees mean Hoosier Village accepts mostly wealthy people, including retired doctors, lawyers and researchers from such big companies as Indianapolis-based drugmaker Eli Lilly and Co. Most residents pay with private funds, rather than government insurance.
One on a recent day, Dr. Carl Schlageter, 82, a retired physician from Illinois who has lived in Hoosier Village for five years, was walking briskly on a treadmill inside the community center. He said he moved to Indiana to be closer to daughters in Carmel and Zionsville.
“This place is pristine,” he said, waving his arm around. “Everything is maintained great. It’s impeccable.”
Yet it was still interested in Hamilton County. So when The Barrington went bankrupt a few years later, BHI was ready to pounce.
“We were contacted by some bankers who had become aware that [Mayflower] was violating their bond covenants, and knew that we might have some interest,” Dattilo said. “So we reached out to the third party that was handling the bankruptcy and let them know we certainly were interested.”
A bankruptcy judge in Texas approved the sale to BHI in July. To the relief of residents, the new owner said it would honor their contracts, including the refundable entry fees, which it said it was able to do after restructuring the debt and retiring the original bonds.
BHI, which took possession of The Barrington a few months ago, said it has eliminated a “small handful” of jobs and reduced other expenses, such as a wellness initiative that few residents were using.
With that acquisition under its belt, BHI isn’t resting. The company said the retirement housing market is undergoing consolidation, and it is actively exploring other properties in Indiana—including in Lafayette and Bloomington—as well as nearby states.
It has five retirement communities in Indiana, but nothing outside the state. Dattilo declined to say what properties or companies he is targeting.
“Those can be very delicate discussions internally for those organizations,” he said. “You know, they have residents that live in those communities and they have board members who are going to want to keep that information very close to the vest. I don’t really want to say much more than that.”
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