Leo Brown Group Launches $50m Equity Fund To Fuel Future Development 

Real estate development firm the Leo Brown Group recently launched a $50 million equity fund to develop new senior living projects in multiple states, preceding more steady growth this year.

To date, the Indiana-based real estate developer has built 3,900 senior living units with hundreds more units still under construction. The company’s management platform, Traditions Management, operates and oversees daily life across a portfolio of 24 senior living properties. 

This year marks the company’s 20th anniversary, and Wagner said the company is focused on growing its senior living portfolio. The company also has a vertically integrated contracting company, Grand Contracting, that handles construction of new communities.

“We bring a unique set of skills that we can develop, we can build and we can manage what we’ve built,” Wagner said. “We’re able to ratchet down what things need to be built and we’re still making things pencil out even in these challenging times.”

In 2026, the Leo Brown Group has 600 units under construction spanning multiple projects in Indiana, Florida and Ohio. The company is set to open a development in Winter Garden, Florida,and it also is increasing regional density with projects near Indianapolis and Fort Wayne, Indiana, along with a project in Springfield, Ohio.

To secure capital, Leo Brown Group uses local and regional lenders to secure debt financing and raise equity through investors spanning family offices or other private sources of capital. Typically, the company will stabilize properties, sell them to institutional investors and then remain on as manager, Wagner said.

The company’s sweet spot lies with independent living, assisted living and memory care projects carrying 100 to 150 units and above.

The $50 million equity fund raise will fuel the company’s next “three to five” development projects with sites already identified in Illinois, Indiana, Michigan, Pennsylvania and Tennessee, Wagner said.

Today, the company aims to attract younger older adults, designing communities with amenities that have a diverse unit mix spanning multiple layouts and formats including traditional congregate living and also including cottages, Wagner said.

Larger units and “having multiple choices” for residents are two important factors for making new development work in a challenging time to build, Wagner said. Future projects funded by the ongoing equity raise are attached to larger mixed-use projects to bring in retail, restaurants and intergenerational connections for residents.

For example, the project currently planned in Grand Rapids, Michigan will include retail storefront space with room for a coffee shop and cafe directly connected to the community.

“We are designing these to be Class A properties that have a ‘wow’ factor to them that can be destinations,” Wagner said.

The Leo Brown Group has a long-standing relationship with health care real estate investment trust Sabra Health Care REIT (NASDAQ: SBRA) stemming from a past development pipeline agreement with the Tustin, California-based REIT. The company recently partnered with Ventas (NYSE: VTR).

This could lead to additional institutional owner-operator opportunities in the future, while bringing additional development opportunities forward, Wagner said.

“We’re just trying to scratch the surface in a few markets where we see opportunities to introduce a new product,” Wagner said. “I see no reason why we can’t continue our pace of at least two starts a year.”

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