Friendship Richfield Living
Salem, Virginia
- Operator:
- Friendship Apartment Village Corporation
- Ownership:
- Nonprofit
- Affiliation:
- Not disclosed in the 2025 filing
- Opened:
- Not disclosed in the 2025 filing
Campus owned through Friendship RL, LLC (formerly Richfield Living), acquired by Friendship Foundation; reported with Friendship Apartment Village Corp in Exhibit E. Friendship RL also operates a skilled nursing facility and two assisted livings on the campus (p12-14).
- 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 in the monthly fee. Skilled nursing at the affiliated Richfield Health Center Salem and other affiliates is paid separately at daily rates (p19).p. 19
- Assisted living
- Not included in the monthly fee. Friendship RL, LLC operates two assisted livings and a skilled nursing facility (p14); respite stays at Eastwood, JCT or The Oaks are $188-$200/day (p19).
- Nursing care
- Not included in the monthly fee. Affiliates Friendship Health and Rehab Center and Richfield Health Center Salem charge $325-$485/day long-term/skilled and $355-$432/day memory care (p19).
| Independent living | 173 |
|---|---|
| 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 by one-year Residency Agreement with Friendship RL, LLC, automatically renewing; one-time non-refundable service initiation fee equal to one month's fee (p62-63). Monthly fee includes a $150/month meal credit at Anser Cafe (p17, p81). One legacy life lease (monthly fee $845) remained at 6/30/2025 (p15, p22).PDF
Monthly fees
What residents pay each month, by contract and level of care. A second person adds the amount shown.
Residency Agreement (rental) · Rental (10 prices, $1,388 to $5,550)
| Unit | Level of care | Per month, one person | Second person |
|---|---|---|---|
| Lake Retreat 1 BR | Independent living | $3,082 to $4,072p. 87 | Not listed |
| Lake Retreat 2 BR | Independent living | $4,318 to $4,811p. 87 | Not listed |
| The Villas 1 BR | Independent living | $2,877 to $3,248p. 88 | Not listed |
| The Villas 2 BR | Independent living | $4,268 to $5,428p. 88 | Not listed |
| Knollwood Studio | Independent living | $1,388p. 88 | Not listed |
| Knollwood 1 BR | Independent living | $1,736 to $1,813p. 88 | Not listed |
| Knollwood 2 BR | Independent living | $2,143p. 88 | Not listed |
| Knollwood 2 BR Deluxe | Independent living | $2,341p. 88 | Not listed |
| Lake Estates Patio Homes 2 BR | Independent living | $4,050 to $4,670p. 88 | Not listed |
| Lake Estates Patio Homes 3 BR | Independent living | $4,775 to $5,550p. 88 | Not listed |
Fee increases, year by year
| Year | Level of care | Unit | Increase | Monthly fee, before and after |
|---|---|---|---|---|
| 2025 | Independent living | Knollwood Studio | 1.9%calculated from the dollar amounts | $1,362 to $1,388p. 88 |
| 2025 | Independent living | Knollwood 2 BR | 1.9%calculated from the dollar amounts | $2,103 to $2,143p. 88 |
| 2025 | Independent living | Knollwood 2 BR Deluxe | 1.9%calculated from the dollar amounts | $2,297 to $2,341p. 88 |
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 Richfield Living 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 | 87.3% |
| 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.
- 2023-10Ownership change Friendship acquired Richfield Living (now Friendship RL, LLC) in Salem; $59,785,000 of bonds were issued in June 2024 as financing for the purchase.p. 14
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 Richfield Living, formerly Richfield Living, is a Salem, Virginia campus of independent living apartments and patio homes, rented by one-year agreement with no entrance fee. Monthly fees include a $150 meal credit; FYE 6/30/2025 rents ran from $1,388 to $5,550. Care is not included in the fee.PDF
Other communities in Virginia
- Ashby Ponds
Ashburn
Entrance fee: $274,000 to $1,417,000
- Avery Point
Richmond
Entrance fee: $201,000 to $854,000
- Brandermill Woods
Midlothian
Entrance fee: $57,096
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.