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A new
mission-driven
investment opportunityAcanthus aims to raise $100 million to develop and operate senior living facilities that provide high-quality, faith-based living environments for Catholic seniors.
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Faith-based living environments
for seniors.The objective is to meet the growing demand for senior housing, enhance community engagement, and generate sustainable revenue for Catholic Parishes.
ACANTHUS ASSISTED LIVING FUND I, LLC
The Acanthus Fund offers a rare opportunity to invest in senior living communities developed on land owned by the Catholic Church, adjacent to active parishes across Arizona. Through an exclusive collaboration with the Catholic Diocese of Phoenix, the Acanthus team has secured 90-year, fixed-rate ground leases for each building site. As of March 2025, five ground leases have been executed, with an additional 15 sites under Letter of Intent within the Phoenix MSA. With 171 Catholic parishes statewide, the Acanthus team aims to build at least 20 communities within its first 10 years. This programmatic, scalable development strategy positions the Fund for sustained long-term growth, with the potential to expand to as many as 100 communities across Arizona.
The collaboration between Acanthus Senior Living and the Catholic Church aims to develop premium senior living communities that address a vital societal need while fostering community engagement. This dynamic is designed to deliver attractive financial returns for investors, aligning social impact with financial success.
Investment Highlights
The Fund is structured to prioritize Investor interests, offering an above-market preferred return and targeting a timely return of capital before any developer profits are realized. In addition, following a return of Investor capital and payment of preferred return, Investors will continue to participate in 25% of the Net Cash Flow from future developments for the duration of the 90-year ground leases.
Targeted Capital Raise
An estimated $60M of initial capital is needed to fund and complete the first five projects, reflecting an 80/20 capital structure with the sponsor. As new ground leases are secured, additional capital will be raised up to the Fund’s $100 million target cap.
WE PUT OUR
INVESTORS FIRST
15%
Preferred Return
3-5 Years
Targeted Return of Capital
1.75x
5yr Equity Multiple
25%
Profit Share of Net Cash Flow*
*Following return of capital and preferred return
First 5 Properties
Acanthus Senior Living, in collaboration with the Catholic Diocese of Phoenix, has strategically selected the following parishes as the initial ground lease sites for the development of the Fund’s first five communities:
1 – St. Clare – Surprise
2 – St. Raphael – Glendale
3 – St. Gabriel – Cave Creek
4 – St. Joseph – Phoenix
5 – St. Benedict – Phoenix
These five sites were selected based on geographic diversity, strong parish engagement, and their advanced readiness for development. The next 15 sites under letters of intent have also been strategically chosen to ensure balanced expansion and avoid geographic over-concentration.
Market Opportunity - Senior Housing
Senior housing is widely regarded as one of the most attractive sectors for real estate investment in today’s market. With robust growth projected over the next decade, the sector is well-positioned to remain resilient relative to other asset classes.
High Demand with Low National and Local Supply
• 73M Baby Boomers – 10K per day turn 80 years old starting January 1, 2025
• Senior population is projected to grow from 55M to 80M over the next 20 years
• Estimated 900K Seniors live in Phoenix with only 30K Senior Living units in total market
• Limited new supply of < 1000 units under construction, representing 3% of existing inventory
• An estimated $1 Trillion in new development will be required to meet the growing demand
Key Acanthus Differentiators
STRATEGIC LAND COLLABORATION
• Rare cooperation with the Catholic Church – 2nd largest private landowner in the world
• Proprietary 90-year auto-renewing ground leases
• No rent escalations for the entire 90-year lease term
• Five leases signed in prime locations with 15 more in LOI negotiation
• No land acquisition costs and streamlined operations are projected to achieve a 13% return-on-cost at stabilization
• Strong relationship fosters accelerated city approvals and community support
CATHOLIC RELATIONSHIP - LEASING AND MARKETING ADVANTAGE
• Catholic affiliation expected to drive higher occupancy with perpetual demand from a built-in, engaged audience
• Low advertising and leasing costs due to organic, community-based marketing efforts promoted within each Parish
• Labor advantage with mission-driven personnel wanting work at facilities next to Parishes
• 1.2M Catholics in the Phoenix MSA, 240K of whom are seniors
• Estimated 9K Catholic seniors living in assisted living today
• Projected to pre-lease at an accelerated rate prior to delivery
WORLD CLASS FACILITIES –
BUILT WITH DIGNITY
• Proof of concept – Phoenix Catholic Diocese directly selected the developer based on two award winning facilities that serve as the the prototype for all future facilities
• Award winning interior design by Luann Thoma-Holec
• All best-in-class communities will feature 150 units and 180 beds, offering independent living, assisted living, and memory care
• Each community will maintain high staff-to-resident ratios, ensuring high quality service and personalized attention through dedicated care teams
• Communities feature bright, warm, and modern living spaces, along with wide hallways, dedicated activity rooms, a fitness center, beauty salon, and a centrally located nurse’s station
• Exceptional culinary services complemented by a modern exterior design featuring spacious walkways, landscaped courtyards, and private balconies
EXPERIENCED DEVELOPER AND OPERATOR
SEASONED DEVELOPER
• Bart Shea – CEO of Acanthus Group
• 40 years of experience in development, construction, management and operations
• Over 10,000 units and $900M of projects completed
• Has developed 3 senior living projects in Arizona totaling 418 units, with another 152 units currently in development
• 100+ years of combined development experience across the team
SEASONED MANAGEMENT AND OPERATIONS
• Eric Gruber – Chief Operating Officer of Acanthus Management
• 35-year experienced property management owner and president
• Former Co-Owner of Cadence Living – Built, leased, and operated 34 facilities in 9 states
• Former executive of Cogir, a top 25 senior housing owner and management company
• Executive team with over 100 years of combined management experience
CURRENT PORTFOLIO AND PROVEN TRACK RECORD
Proof of Concept: Bart Shea, CEO of Acanthus Development, has designed, built, and operated three premier senior living communities in Arizona, with a fourth currently under construction. The proven design and construction approach used in these projects will be replicated for each new development within the Acanthus Fund. Each project is a testament to Bart’s commitment to creating high-quality living environments for Arizona’s growing senior population.
Morning Star Fountain Hills
16800 E Paul Nordin Pkwy
Fountain Hills, Az 85268
91 Luxury Senior Living Apartments
63 Assisted Living (IL included)
28 MC/DM
Built in 2016
Occupancy 91%
Morning Star Golden Ridge
6735 W Golden Lane
Peoria, Az 85345
144 Luxury Senior Living Apartments
38 Independent Living
71 Assisted Living
35 MC/DM
Built in 2018
Occupancy 90%
Maricopa Senior Living
44400 W MLK Jr Blvd
Maricopa, Az 85138
152 Luxury Senior Living
152 IL/AL units (All Independent Living with ability to provide services for AL)
To be built 2025-2026
01/LEADERSHIP
ACANTHUS MANAGEMENT TEAM
The Acanthus executive team is comprised of seasoned industry professionals with deep expertise in senior housing development, management, and operations. Their collective experience is instrumental in driving the successful execution of the Fund’s investment strategy.
Bart Shea
CEO
Acanthus Group
CHRISTOPER BAYLEY
COO
General Counsel
Fund Manager Acanthus Group
Eric Gruber
COO
Acanthus Management
Sam Montes
CFO
Acanthus Group
02/LEADERSHIP
SUB-ADVISOR – VENTURE ADVISORY, LLC
Venture Advisory LLC serves as the Sub-Adviser to the Fund, working in collaboration with the Fund Manager to oversee fund administration, investor relations, and overall strategic direction.
Patrick O’Meara
Founder & CEO
Venture Advisory
Patrick Ventures FO
Nick Martinez
Managing Director
Venture Advisory
Patrick Ventures FO
Kayla Sladwick
Managing Director
Venture Advisory
Patrick Ventures FO
Laura Simione
Head of Capital Development
Venture Advisory
Patrick Ventures FO
OFFERING TERMS
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*Fund Manager Discretion
**Promote not received until investors’ return of capital and accrued preferred return
Operational Overview
Legal
Fund Administration
Banking
Accounting
FUND DECK
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