Avery Point
1000 Avery Point Way, Richmond, Virginia 23233
- Operator:
- Avery Point, Inc. (managed by Erickson Senior Living, LLC)
- Ownership:
- Mixed nonprofit and for-profit
- Affiliation:
- Not disclosed in the 2024 filing
- Opened:
- 2022
Provider Avery Point, Inc. is a non-stock nonprofit (intended 501(c)(3)) whose sole member is the nonprofit National Senior Communities, Inc.; the site is owned by ELP Richmond, LLC and the community is managed by Erickson Senior Living, LLC, both for-profit Erickson entities (p2-3, p6). Initial entrance fees are loaned to the Landowner (p3, p8).
- Type C (fee for service)
Figures from the 2024 disclosure statement (fiscal 2023 finances), filed with the Virginia State Corporation Commission, Bureau of Insurance.PDF The finances describe fiscal 2023; this is the newest statement we have for Avery Point, and a later one may have been filed since.
At a glance
Entrance fee, one person, every plan
Monthly fee, independent living
Refund plans offered
- 80% RefundableNever less than 80% of the fee
- Declining BalanceCan decline to nothing
Days cash on hand
Read the note on this figure
Calculated by us from FY2023 statements in which Avery Point, Inc. operated the community only from July 1, 2023, so expenses cover about half a year; a full year of expenses would roughly halve this figure.
Independent living occupancy
Nursing care, CMS overall rating
What care costs later
How each contract prices assisted living and nursing if you need them. The contract type decides most of what a long stay costs.
- Type C (fee for service): Care is charged at market rates when you need it.
How the contract types compare
Type C (fee for service)
Assisted living, memory care and nursing are planned (up to 120 assisted living and 60 nursing units) but not yet built; until they open, Avery Point arranges care through transfer agreements with local facilities. No care rates are published in this statement.p. 19
- Assisted living
- Not disclosed in the 2024 filing
- Nursing care
- Not disclosed in the 2024 filing
| Independent living | 323 |
|---|---|
| Assisted living | None on campus |
| Memory care | None on campus |
| Nursing care | None on campus |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
Residence and Care Agreement (Declining Balance) · Type C (fee for service) (5 prices, $201,000 to $598,000)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| 1 Bedroom 1.5 Bath | Declining Balance | $201,000 to $275,000p. 132 | Not listed |
| 1 Bedroom with Den 1.5 Bath | Declining Balance | $253,000 to $288,000p. 132 | Not listed |
| 2 Bedroom 2 Bath | Declining Balance | $273,000 to $461,000p. 132 | Not listed |
| 2 Bedroom 2 Bath with Den | Declining Balance | $404,000 to $483,000p. 132 | Not listed |
| 2 Bedroom 2.5 Bath with Den | Declining Balance | $544,000 to $598,000p. 132 | Not listed |
Residence and Care Agreement (80% Refundable) · Type C (fee for service) (5 prices, $286,000 to $854,000)
| Unit | Refund plan | Price, one person | Second person |
|---|---|---|---|
| 1 Bedroom 1.5 Bath | 80% Refundable | $286,000 to $392,000p. 132 | Not listed |
| 1 Bedroom with Den 1.5 Bath | 80% Refundable | $361,000 to $411,000p. 132 | Not listed |
| 2 Bedroom 2 Bath | 80% Refundable | $390,000 to $658,000p. 132 | Not listed |
| 2 Bedroom 2 Bath with Den | 80% Refundable | $577,000 to $689,000p. 132 | Not listed |
| 2 Bedroom 2.5 Bath with Den | 80% Refundable | $777,000 to $854,000p. 132 | Not listed |
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residence and Care Agreement · Type C (fee for service) (5 prices, $2,295 to $5,205)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| 1 Bedroom 1.5 Bath | Independent living | $2,295 to $2,572p. 132 | $1,032 |
| 1 Bedroom with Den 1.5 Bath | Independent living | from $2,841p. 132 | $1,032 |
| 2 Bedroom 2 Bath | Independent living | $2,841 to $4,084p. 132 | $1,032 |
| 2 Bedroom 2 Bath with Den | Independent living | $4,084 to $4,366p. 132 | $1,032 |
| 2 Bedroom 2.5 Bath with Den | Independent living | from $5,205p. 132 | $1,032 |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | 1 Bedroom 1.5 Bath (low end) | 5%calculated from the dollar amounts | $2,186 to $2,295p. 136 |
| 2025 | Independent living | 1 Bedroom 1.5 Bath (high end) | 5%calculated from the dollar amounts | $2,450 to $2,572p. 136 |
| 2025 | Independent living | 1 Bedroom with Den 1.5 Bath | 5%calculated from the dollar amounts | $2,706 to $2,841p. 136 |
| 2025 | Independent living | 2 Bedroom 2 Bath (low end) | 5%calculated from the dollar amounts | $2,706 to $2,841p. 136 |
| 2025 | Independent living | 2 Bedroom 2 Bath (high end) | 5%calculated from the dollar amounts | $3,890 to $4,084p. 136 |
| 2025 | Independent living | 2 Bedroom 2 Bath with Den (low end) | 5%calculated from the dollar amounts | $3,890 to $4,084p. 136 |
| 2025 | Independent living | 2 Bedroom 2 Bath with Den (high end) | 5%calculated from the dollar amounts | $4,159 to $4,366p. 136 |
| 2025 | Independent living | 2 Bedroom 2.5 Bath with Den | 5%calculated from the dollar amounts | $4,958 to $5,205p. 136 |
| 2025 | Independent living | Joint Resident fee | 5%calculated from the dollar amounts | $983 to $1,032p. 136 |
| 2024 | Independent living | 1 Bedroom 1.5 Bath (low end) | 5.7%calculated from the dollar amounts | $2,068 to $2,186p. 136 |
| 2024 | Independent living | 1 Bedroom 1.5 Bath (high end) | 5.7%calculated from the dollar amounts | $2,317 to $2,450p. 136 |
| 2024 | Independent living | 1 Bedroom with Den 1.5 Bath | 5.7%calculated from the dollar amounts | $2,559 to $2,706p. 136 |
| 2024 | Independent living | 2 Bedroom 2 Bath (low end) | 5.7%calculated from the dollar amounts | $2,559 to $2,706p. 136 |
| 2024 | Independent living | 2 Bedroom 2 Bath (high end) | 5.7%calculated from the dollar amounts | $3,679 to $3,890p. 136 |
| 2024 | Independent living | 2 Bedroom 2 Bath with Den (low end) | 5.7%calculated from the dollar amounts | $3,679 to $3,890p. 136 |
| 2024 | Independent living | 2 Bedroom 2 Bath with Den (high end) | 5.7%calculated from the dollar amounts | $3,933 to $4,159p. 136 |
| 2024 | Independent living | 2 Bedroom 2.5 Bath with Den | 5.7%calculated from the dollar amounts | $4,689 to $4,958p. 136 |
| 2024 | Independent living | Joint Resident fee | 5.7%calculated from the dollar amounts | $930 to $983p. 136 |
| 2023 | Independent living | 1 Bedroom 1.5 Bath (low end) | 5%calculated from the dollar amounts | $1,970 to $2,068p. 136 |
| 2023 | Independent living | 1 Bedroom 1.5 Bath (high end) | 5%calculated from the dollar amounts | $2,207 to $2,317p. 136 |
| 2023 | Independent living | 1 Bedroom with Den 1.5 Bath | 5%calculated from the dollar amounts | $2,438 to $2,559p. 136 |
| 2023 | Independent living | 2 Bedroom 2 Bath (low end) | 5%calculated from the dollar amounts | $2,438 to $2,559p. 136 |
| 2023 | Independent living | 2 Bedroom 2 Bath (high end) | 5%calculated from the dollar amounts | $3,504 to $3,679p. 136 |
| 2023 | Independent living | 2 Bedroom 2 Bath with Den (low end) | 5%calculated from the dollar amounts | $3,504 to $3,679p. 136 |
| 2023 | Independent living | 2 Bedroom 2 Bath with Den (high end) | 5%calculated from the dollar amounts | $3,746 to $3,933p. 136 |
| 2023 | Independent living | 2 Bedroom 2.5 Bath with Den | 5%calculated from the dollar amounts | $4,466 to $4,689p. 136 |
| 2023 | Independent living | Joint Resident fee | 5%calculated from the dollar amounts | $886 to $930p. 136 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
80% Refundablep. 26
20% of the entrance fee is a non-refundable Community Fee; 80% is refunded unless spent down for care. It is paid in Refund Number order once a Refund Account funded by new residents' entrance fees holds enough to pay it in full; no maximum wait is stated.
- Kept on move-in
- 20% of the fee
- Declines by
- Does not decline
- Never less than
- 80% of the fee
- Longest wait
- No limit stated
- Paid
- In turn, from a fund of new residents' entrance fees
Declining Balancep. 59
A 4% processing fee plus 2% of the entrance fee for each month of residency is kept; nothing is refunded after 48 months. Any refund is paid within 90 days of vacating the unit.
- Kept on move-in
- 4% of the fee
- Declines by
- 2% a month for 48 months
- Never less than
- Nothing: it can decline to zero
- Longest wait
- 3 months
- Paid
- Within a fixed number of days
Refund calculator
Estimated refund: $228,800 (80% of the fee)
When it is paid: in turn, from a fund of new residents' entrance fees. This applies the plan terms as recorded from the filing, counting a part month as a whole one. The signed contract governs, and charges you owe or care paid for from the fee can be deducted first.
How entrance-fee refunds work, and why the payment date matters
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- Balance sheet and ratios: Avery Point, Inc.
- Days cash on hand was calculated by us from the audited statements using the standard formula. The formula
Days cash on hand
17 days FY2023p. 141
- Its lenders’ minimum: Not disclosed in the 2024 filing
- Industry median: 321 days Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Debt service coverage
Not disclosed in the 2024 filing
- Its lenders’ minimum: Not disclosed in the 2024 filing
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
Read with these figuresCalculated by us from FY2023 statements in which Avery Point, Inc. operated the community only from July 1, 2023, so expenses cover about half a year; a full year of expenses would roughly halve this figure.
How to read these figures: what each one measures and why a lender’s minimum is a floor, not a target.
Balance sheet
| Fiscal year | FY2023p. 141 |
|---|---|
| Total assets | $126.6 million |
| Total liabilities | $128.9 million |
| Long-term debt | $18.8 million |
| Entrance fees not yet earned (deferred revenue) | Not disclosed |
| Refunds owed to residents (refundable fee liability) | $269,900 |
| Entrance-fee liabilities, not split in the filing | $98.1 million |
| Net position (assets minus liabilities) | −$2.3 million |
Auditor: PricewaterhouseCoopers LLP. Opinion: Unmodified (clean) opinionp. 141
Occupancy
| Level of care | 2023p. 213 |
|---|---|
| Independent living | 99% |
| Assisted living | Not disclosed |
| Memory care | Not disclosed |
| Nursing care | Not disclosed |
Events the filing reports
Dated facts the disclosure statement states, such as bond issues, missed covenants or changes of ownership.
- 2023-07Ownership change On July 1, 2023 Avery Point, Inc. acquired the operating assets (excluding land and buildings) and liabilities of ELP Richmond, LLC, including all Residence and Care Agreements.p. 213
Nursing care on campus
The filing lists no nursing beds on campus, so there is no CMS nursing-home record to show.
In brief
Avery Point is an Erickson Senior Living-managed community on about 90 acres in Richmond that began operations in November 2022; at the end of 2023 it had 323 independent living apartments, 99% occupied, with up to 1,200 planned. Assisted living, memory care and nursing are not yet built (estimated 2028). 2025 entrance fees run $201,000-$598,000 on a declining-balance plan or $286,000-$854,000 for 80% refundable, and the nonprofit operator reported a 2023 operating loss of $2.4 million.PDF
Also in Richmond
- Cedarfield
Richmond
Entrance fee: $183,600 to $908,300
- Lakewood
Richmond
Entrance fee: $78,000 to $1,410,000
- Masonic Home of Virginia
Richmond
Entrance fee: $36,000 to $279,900
Sources
- Avery Point — Disclosure Statement (December 2024)Virginia State Corporation Commission, Bureau of Insurance · filed 2024, fiscal 2023 finances · 213 pages · retrieved 2026-10-15
Each page tab above opens this PDF at the page the figure came from. Spotted a figure that does not match its page? Tell us and it is checked against the filing.