Invest at the Center of the Expanding Silver Economy

Silver Wave Capital is a value-add investment firm acquiring and improving underperforming senior housing communities, meeting a critical social need and delivering for investors

Clear Investment Thesis

Three Simple Pillars: Valuations, Demand, and Supply

1.

Assisted Living Value Per Unit

COVID and rate hikes drove senior housing valuations to a 14-year low in 2023. They’ve partially recovered but remain substantially below previous peaks.

2.

Total U.S. Population Ages 80 And Over

America’s population is aging unlike ever before. Baby Boomers just began turning 80.

3.

Senior Housing Unit Growth 2019 - Present

Supply growth is at record lows after COVID interrupted developments, rate hikes suppressed construction lending, and inflation increased the cost of raw materials.

Strategic Edge

Assisted Living Value Per Unit

COVID and rate hikes drove senior housing valuations to a 14-year low in 2023, and they slightly recovered in 2024. The market has bottomed.

Total U.S. Population Ages 80 And Over

America’s population is aging unlike ever before. Baby Boomers begin turning 80 next year. 

Senior Housing Unit Growth 2019 - Present

Supply growth is approaching all-time lows after COVID interrupted developments, and rate hikes made construction loans unaffordable. 

Discounted communities can be acquired right as demand expands to new highs, supply growth contracts, and occupancy is rapidly increasing.

High Quality Real Estate

Favorable Market Fundamentals

Substantial Discount to Replacement Cost

Operator / Investor Alignment

Replace the Operator

Ride the Secular Tailwind

Disciplined Value-Add Investing, Clear Strategy

High Quality Real Estate

Favorable Market Fundamentals

Substantial Discount to Replacement Cost

Replace the Operator

Operator / Investor Alignment

Ride the Secular Tailwind

Click here for a deeper discussion of our investment philosophy and execution strategies:

Silver Wave Capital Team

Meet the experienced professionals behind our investments

Our Team

Cory Wake

Founding Partner

Cory is a capital allocator and asset manager who has deployed over $500 million into senior housing. His exclusive focus on senior housing has shaped him into a sophisticated underwriter and investor with a deep understanding of the industry’s…

Elan Ruggill

Founding Partner

Elan is a former Wall Street trader turned real estate private equity founder and executive. In 2014, he co-founded Watermark Partners, a private investment firm focused on acquiring multifamily properties in the Midwest…

The Demographics Meme

How An Influential Narrative Shapes Senior Housing Capital Allocation

Featured Properties

Our Communities In Focus

Explore the architecture, environments, and communities that define our work.

May River Landing

Bluffton SC Memory Care, Assisted Living & Independent Living Facility

The Vista at Hammock Cove

Naples FL, Assisted Living & Memory Care Facility

The Canopy

Portland OR, Assisted Living & Memory Care Facility

Willowbrook Hills

Auburns Hills MI, Memory Care & Assisted Living Facility

See our full portfolio and learn about future investment opportunities

Invest In The Rising Tide

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