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Karrington Health Inc history
Karrington Health Inc company history timeline
In 1981, Paul and Terry Klaassen sold their home, borrowed money from friends, and bought and moved into an old nursing home in Fairfax, Virginia.
1981 The Klaassens open their first facility in Oakton, Virginia.
In 1985, Sunrise Assisted Living opened two new Sunrise communities--Sunrise of Leesburg and Sunrise of Warrenton, both in Virginia--and the Klaassens debuted the first Sunrise training program for its employees to ensure that they understood and practiced the hallmarks of assisted living.
In 1988, the first Sunrise prototype home opened in Arlington, Virginia.
Reminiscence Neighborhoods, built around Sunrise's Reminiscence Program for the memory impaired, debuted in 1995.
Karrington posted a $5.7 million net loss compared with a net loss of $2.6 million in 1996.
Company officials attributed the greater 1997 loss to a rapid expansion of its business.
In 1997, the company brought in $89 million.
For 1998, Karrington will post an estimated loss of $12.1 million on revenue of $44.1 million, according to a March 27 financial report from J.C. Bradford & Co, one of the Karrington's market makers.
The rapid growth has continued into 1998.
In 2000, Thomas Newell assumed the role of president of Sunrise, and the company introduced at-home assisted living.
2001 Sunrise stock moves to the New York Stock Exchange.
With the addition of Marriott, revenues for the year jumped to close to $1.2 billion from $506 million in 2002, and Sunrise became the largest operator in the senior living market with a mere 2.4 percent of the entire senior housing market.
Also in 2003, it acquired EdenCare, further broadening its care options.
Greystone Communities, a wholly owned subsidiary that Sunrise acquired in 2005, developed an additional three communities to be managed for not-for-profit third parties.
The company also introduced a new publication, Sunrise magazine, in 2006, targeting women between the ages of 45 and 64, the vast majority of caregivers, who were likely to be balancing family, work, and the needs of aging parents.
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Karrington Health Inc may also be known as or be related to KARRINGTON HEALTH INC and Karrington Health Inc.