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Avery Point and Lakewood compared
Two communities in Richmond, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Avery Point | Lakewood |
|---|---|---|
| Location | Richmond, VA | Richmond, VA |
| Filing used | 2024 statement, fiscal 2023 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service) | Type A (life care), Type B (modified) |
| Entrance fee, one person | $201,000 to $854,000p. 132 | $78,000 to $1,410,000p. 14p. 15 |
| Monthly fee, independent living | $2,295 to $5,205p. 132 | $3,091 to $9,349p. 14p. 15 |
| Refund plans | 80% Refundable; Declining Balancep. 26p. 59 | Standard; 90% Refundablep. 60p. 61 |
| Highest guaranteed refund | 80% of the feep. 26p. 59 | 90% of the feep. 60p. 61 |
| When a refund is paid | In turn, from a fund of new residents' entrance fees; Within a fixed number of daysp. 26p. 59 | When your unit is re-occupied and the new resident has paidp. 60p. 61 |
| Days cash on hand | 17 days (FY2023, calculated)p. 141Calculated 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. | 266 days (FY2025, interim)p. 98Figures for LifeSpire of Virginia Obligated Group. |
| Its lenders' minimum | Not disclosed in the 2024 filing | At least 120 daysp. 24 |
| Debt service coverage | Not disclosed in the 2024 filingCalculated 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. | 2.31x (FY2025, interim)p. 98Figures for LifeSpire of Virginia Obligated Group. |
| Independent living occupancy | 99% (2023)p. 213 | 95.8% (2025)p. 23 |
| Net position | −$2.3 million (FY2023)p. 141 | −$7.9 million (FY2025)p. 98 |
| Whose finances | Avery Point, Inc.p. 141 | Virginia Baptist Homes, Inc. dba LifeSpire of Virginia and Subsidiaries (consolidated); ratios for LifeSpire of Virginia Obligated Groupp. 98 |
| Audit opinion | Unmodified (clean) opinion, PricewaterhouseCoopers LLPp. 141 | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 98 |
| Nursing care, CMS rating | No CMS record linked | 3 of 5 (CMS overall) |
What care costs later, in each contract
Avery Point
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
Lakewood
Type A (life care): Life-Care residents keep paying their independent-living monthly fee, plus two meals a day, in assisted living or the Health Care Center; the couples rate still applies when one or both are in care. Residents get priority admittance when the Health Care Center is full.p. 16
Type B (modified): Fee for Service residents pay the published daily rate for assisted living, memory support and nursing, less 10%. Residents transferred out for lack of space get priority admittance when a bed becomes available.p. 46