Citrine Nears $150m In Senior Living Assets Under Management In Regional Growth Push

Citrine Investment Group closed its first senior living transaction in 2022, and by the end of this year, the firm expects to have four communities spanning 600 units, representing $150 million in assets under management.

According to Citrine Founder and President Lynn Jerath, that is only the start of what the company hopes to achieve.

“Once you get going in this space, there’s just more and more opportunity that comes,” Jerath told SHN. “We feel really good about this nexus between limited supply and improving fundamentals.”

Citrine is focused on turnaround or value-creation investment opportunities in the U.S. Midwest, Mid-Atlantic, and Southeast across the continuum of care, from independent living to assisted living and memory care.

Growing in those three regions plays to Citrine’s strengths targeting and growing in micro-markets.

Today, Citrine works with three senior living operating partners. Jerath declined to name those partners, but she described one as a national operator while two were “super-regional” operators.

Jerath was recognized earlier this month in the fifth annual “Forbes 50 Over 50” list of women over the age of 50 making an impact on their fields and breaking new ground. She previously held senior roles at Goldman Sachs, The Carlyle Group and GEM Realty Capital, before founding Citrine in 2021.

“It was a complete surprise and it’s something that I treasure,” Jerath said.

Jerath said she views the company’s role bridging the gap between capital partners and operators. Citrine structures its deals as general partnerships (GP) with third-party contracts in place with operating partners.

“We’re not going to transact just so we can say we did a deal. We look at dealmaking as a really important skill set, but it’s in the context of a business plan and an investment,” Jerath said.

Going forward, Citrine is seeking “turnaround or value creation or repositioning” acquisition opportunities.

“I expect that momentum is going to increase and we’re going to keep growing in 2026,” Jerath said. “I think senior living investment is still an art and requires a lot of judgment.”

Jerath added that challenges in frontline operations from its partners continue to be stubborn labor costs, as inflation impacts and wage growth have improved only slightly.

“The way we mitigate those headwinds is by structuring each deal so that we have enough flexibility to succeed, even if the ideal scenario doesn’t play out,” Jerath said. “That way, if inflation or cost pressures turn out stronger than expected, we’re still positioned to manage through those challenges.”

Heading into 2026, Jerath said Citrine was seeing “a lot of attractive opportunities,” adding that “this was the new normal” for investment in senior living.

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