Friendship Retirement Community
367 Hershberger Road NW, Roanoke, Virginia 24012
- Operator:
- Friendship Apartment Village Corporation
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2025 filing
- Opened:
- 1967
Non-stock nonprofit; sole member Friendship Foundation. Affiliates on the same campus (Friendship Health and Rehab Center - nursing; Eastwood Assisted Living) are legally distinct and not responsible for the provider's obligations (p14-15).
- Rental
Figures from the 2025 disclosure statement (fiscal 2025 finances), filed with the Virginia State Corporation Commission, Bureau of Insurance.PDF
At a glance
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.
- Rental: No entrance fee and no promise of future care.
How the contract types compare
Rental
No care is included or discounted: monthly fees cover housing and services plus a visiting-nurse response and assessment program only. Assisted living and nursing are run by legally separate affiliates and paid for separately (p15, p19).p. 19
- Assisted living
- Not provided by this provider. Affiliate Eastwood Assisted Living operates assisted living on the same campus at its own rates; respite stays $188-$200/day.
- Nursing care
- Not provided by this provider. Affiliates Friendship Health and Rehab Center and Richfield Health Center charge $325-$485/day long-term/skilled and $355-$432/day memory care.
| Independent living | 325 |
|---|---|
| Assisted living | Not disclosed in the 2025 filing |
| Memory care | Not disclosed in the 2025 filing |
| Nursing care | Not disclosed in the 2025 filing |
Entrance fees
One-person prices as the filing lists them, by contract. A second person usually pays the extra amount shown.
The 2025 filing lists no entrance-fee schedule. What it says about the contracts:
Independent living only, by one-year residency agreement or lease with automatic one-year renewals; 'All accommodations offered by the Provider are for a period of one year or less except for the life lease program' (p21). Life leases (lump-sum pre-paid rent, approx. $9,000 to over $70,000) have not been offered since 1986; 2 life lessee units remained at 6/30/2025 (p15, p17, p21). New residents pay a one-month security deposit (rental lease) or a one-time non-refundable service initiation fee equal to one month's fee (residency agreement) (p23, p30).PDF
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residency Agreement / annual lease (rental) · Rental (19 prices, $1,037 to $2,382)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Village 1 BR | Independent living | $1,037 to $1,278p. 87 | Not listed |
| Village 2 BR | Independent living | $1,218p. 87 | Not listed |
| Village 2 BR Deluxe | Independent living | $1,332p. 87 | Not listed |
| Westwood 1 BR | Independent living | $1,229p. 87 | Not listed |
| Westwood 1 BR w/balcony | Independent living | $1,297p. 87 | Not listed |
| Westwood 2 BR w/balcony | Independent living | $1,469p. 87 | Not listed |
| Westwood 2 BR Deluxe | Independent living | $1,664p. 87 | Not listed |
| Northhampton 1 BR w/ balcony or terrace | Independent living | $1,232p. 87 | Not listed |
| Northhampton 2 BR w/ balcony or terrace | Independent living | $1,362p. 87 | Not listed |
| Northhampton 2 BR Deluxe | Independent living | $1,808p. 87 | Not listed |
| Regency I & II 1 BR | Independent living | $1,246p. 87 | Not listed |
| Regency I & II 2 BR | Independent living | $1,433p. 87 | Not listed |
| Regency I & II 2 BR Deluxe | Independent living | $1,795p. 87 | Not listed |
| Wellington I 2 BR | Independent living | $1,996p. 87 | Not listed |
| Wellington I 3 BR | Independent living | $2,382p. 87 | Not listed |
| Wellington II & III 2 BR | Independent living | $1,863 to $2,120p. 87 | Not listed |
| Wellington II & III 3 BR | Independent living | $2,206 to $2,278p. 87 | Not listed |
| Wellington IV 1 BR | Independent living | $1,398 to $1,538p. 87 | Not listed |
| Wellington IV 2 BR | Independent living | $2,140 to $2,201p. 87 | Not listed |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | Village 2 BR | 5%calculated from the dollar amounts | $1,160 to $1,218p. 87 |
| 2025 | Independent living | Westwood 1 BR | 6%calculated from the dollar amounts | $1,159 to $1,229p. 87 |
| 2024 | Independent living | Village 2 BR | 6.1%calculated from the dollar amounts | $1,093 to $1,160p. 87 |
| 2024 | Independent living | Westwood 1 BR | 4.8%calculated from the dollar amounts | $1,106 to $1,159p. 87 |
| 2023 | Independent living | Village 2 BR | 6%calculated from the dollar amounts | $1,031 to $1,093p. 87 |
| 2023 | Independent living | Westwood 1 BR | 6%calculated from the dollar amounts | $1,043 to $1,106p. 87 |
| 2022 | Independent living | Village 2 BR | 3%calculated from the dollar amounts | $1,001 to $1,031p. 87 |
| 2022 | Independent living | Westwood 1 BR | 1.5%calculated from the dollar amounts | $1,028 to $1,043p. 87 |
| 2021 | Independent living | Village 2 BR | 2.6%calculated from the dollar amounts | $976 to $1,001p. 87 |
| 2021 | Independent living | Westwood 1 BR | 0%calculated from the dollar amounts | $1,028 to $1,028p. 87 |
Refunds
What comes back from the entrance fee when you leave or die, and when it is paid.
No entrance-fee refund plan: residents rent.
Finances
Whether the organisation behind the community has the cash and income to keep its promises for decades.
- Friendship Retirement Community is part of Friendship Apartment Village Corporation (Hershberger Rd campus, Roanoke, and Friendship RL, LLC / Richfield Living campus, Salem); sole member Friendship Foundation.
- Balance sheet: Friendship Apartment Village Corp (Exhibit E summary; includes Friendship RL/Richfield Living per its narrative).
Days cash on hand
Not disclosed in the 2025 filing
- Its lenders’ minimum: Not disclosed in the 2025 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 2025 filing
- Its lenders’ minimum: Not disclosed in the 2025 filing
- Industry median: 1.80x Ziegler median for fiscal 2022, 132 bond-financed not-for-profit entrance-fee CCRCs
How to read these figures: what each one measures and why a lender’s minimum is a floor, not a target.
Balance sheet and trend
| Fiscal year | FY2025p. 152 | FY2024p. 152 |
|---|---|---|
| Total assets | $38.5 million | $37.4 million |
| Total liabilities | $16.9 million | $17.4 million |
| Long-term debt | Not disclosed | Not disclosed |
| Entrance fees not yet earned (deferred revenue) | Not disclosed | Not disclosed |
| Refunds owed to residents (refundable fee liability) | Not disclosed | Not disclosed |
| Net position (assets minus liabilities) | $21.5 million | $20.0 million |
Auditor: Brown Edwards (audit of Friendship Foundation and Subsidiaries, consolidated). Opinion: Unmodified (clean) opinionp. 152
Occupancy
| Level of care | 2025p. 15 |
|---|---|
| Independent living | 91.7% |
| Assisted living | Not disclosed |
| Memory care | Not disclosed |
| Nursing care | Not disclosed |
Nursing care on campus
We have not linked this community’s nursing center to a CMS record. Nursing centers certified by Medicare can be looked up on CMS Care Compare.
In brief
Friendship Retirement Community's independent living apartments on Hershberger Road in Roanoke have been run by the nonprofit Friendship Apartment Village Corporation since 1967. Residents rent on one-year agreements; no entrance fee is charged and no care is included, with assisted living and nursing offered separately by affiliated organizations. FYE 6/30/2025 monthly rents ran from $1,037 to $2,382.PDF
Nearest communities in Virginia
- Brandon Oaks
Roanoke · 5 miles away
Entrance fee: $76,900 to $697,700
- The Glebe
Daleville · 7 miles away
Entrance fee: $165,000 to $875,000
- The Summit
Lynchburg · 39 miles away
Entrance fee: $133,000 to $891,000
Sources
- Friendship Apartment Village Corporation — 2025 Disclosure Statement (FY2025)Virginia State Corporation Commission, Bureau of Insurance · filed 2025, fiscal 2025 finances · 152 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.