EXEC forms assisted-living firm

A former apartment-management executive has formed a new company based in Tempe to purchase, renovate and manage financially distressed assisted-living communities in the Phoenix area. Kristopher Woolley, founder and CEO of Avista Senior Living, said his company already has purchased two assisted-living facilities, one in Mesa and the other in Phoenix, with about 225 beds. Avista is in the process of renovating those communities and ramping up its management team to assume the operation of the facilities from third-party management firms, he said. Woolley said he got interested in the idea of starting an assisted-living-development firm while working for the investment division of apartment owner, developer and manager Greystar Real Estate Partners. During his tenure, Greystar had acquired a portfolio of age-restricted and independent-living rental complexes, two classes of senior-living community for residents who do not require personal assistance with their daily routines.

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