Not every partnership involves a deed change. Sometimes it starts with a different structure, a management contract, built for organizations that want an operating partner without giving up sponsorship. At Sycamore Glen in Miamisburg, Ohio, CFS’ management partnership with Kettering Health shows what that structure can deliver: occupancy up, a seven-figure negative NOI turned into a seven-figure positive NOI, and revenue up more than 50%.
The Opportunity
CFS began managing the 264-unit independent living and assisted living community — 107 assisted living units alongside 157 independent living homes, garden homes, and apartments — under a management contract with Kettering Health, the largest tertiary health system in Western Ohio, in November 2023.
At that time, Sycamore Glen was operating at roughly 78% occupancy and running negative annualized NOI of more than $1.2M when CFS took over management.
Kettering Health’s core strengths focus on clinical and acute care. Effectively operating a senior living community calls for a different kind of expertise — an operating rhythm of census development, resident experience rather than patient throughput, and countless details that make a community feel like home. Kettering Health needed a partner built for that world without relinquishing its role as sponsor.
The Approach
CFS brought its full operating model to bear — census growth strategy, expense discipline, and elimination of duplicated overhead — while partnering closely with Kettering Health on the transition.
A management contract works differently than an acquisition. Kettering Health kept its role as sponsor and mission steward; CFS took on operational responsibility. The two teams established a shared reporting rhythm, allowing Kettering continuous visibility into performance rather than a retrospective summary.
“We’ve seen a measurable difference with our partnership with CFS. From the moment we met them, the expertise they brought to us here at Kettering Health has been valuable. They are mission aligned with our mission. They see the residents, the experience, and keeping people in our community as a top priority.”
— Erica Schneider, President, Ambulatory Division, Kettering Health
The Results
Under CFS management, the turnaround showed up across every core metric:
- Occupancy improved from ~78% to over 84%
- Annualized NOI swung from a $1.2M annualized NOI loss to over $1M in positive annualized NOI — a turnaround of more than $2.2M
- Revenue grew over 50%, from $6.6M to over $10M annualized
- Achieved in under three years under CFS management
Figures reflect internal CFS financial and occupancy data; most recent period reflects trailing twelve months as of June 2026.
Why It Matters
Sycamore Glen demonstrates the ability of CFS to lead a full financial and operational turnaround under a management contract — not just an acquisition — in true partnership with a sponsor.
For organizations weighing whether to manage senior living in-house, hand it to an outside operator or sell it outright, that distinction matters. Sycamore Glen didn’t change hands and Kettering didn’t step back from it — it retained sponsorship while CFS took on the day-to-day operating responsibility, and the financials moved accordingly.
Interested in what a CFS partnership could look like for your community? Let’s talk.
