When The RiverWoods Group began exploring expansion beyond its original campus in Exeter, New Hampshire—an effort that began in 2012—it faced a familiar challenge for successful Life Plan Communities: strong demand and a growing waitlist, but limited capacity on its existing campus to serve it.

Founded in 1983 by two educators seeking to create a mission-driven senior living community, RiverWoods opened its first community, The Woods at RiverWoods Exeter, in 1994. By 2001, the organization had achieved sustained occupancy at The Woods and was building a waitlist, prompting leadership to evaluate expansion opportunities to further strengthen the organization’s long-term financial performance. The results are measurable. Working with Greystone, RiverWoods has grown from a single campus serving approximately 300 residents, with $8 million in revenue and $14.5 million in cash and investments, to a regional system of three campuses serving over 1,100 residents and 900 employees, with $90 million in revenue and $165 million in cash and investments.

The Challenge: Expanding the Mission Without Compromising the Existing Communities

By the early 2000s, RiverWoods Exeter had achieved what many Life Plan Communities aspire to: high occupancy, a waitlist, and strong regional demand.

In 2001, RiverWoods engaged Greystone to evaluate expansion opportunities and assess the long-term financial and operational implications of growth. The organization had identified the opportunity to acquire approximately 110 acres across the street from its existing campus, The Woods, and was interested in pursuing growth.  Later that year, the board approved development of The Ridge at RiverWoods Exeter, its second community, which opened in October 2004, marking the organization’s first major expansion beyond the original Woods campus.

Building on that success, RiverWoods continued to expand within the Exeter campus to meet demand. In 2006, Greystone supported planning for a third community in Exeter, leading to the development of The Boulders at RiverWoods, which opened in March 2010, located on a portion of property adjacent to The Ridge and achieved strong occupancy.

But even with multiple expansions within the Exeter campus and 200 acres of property, continued growth remained constrained by significant conservation easements and limited adjacent property available to purchase for expansion. Total revenue was still tied to a finite number of residences, entrance fee cash depended on turnover, and the organization’s long-term resilience required a more scalable approach.

RiverWoods leadership recognized that expansion beyond the Exeter campus was becoming a strategic necessity. Without growth, the waitlist would continue to grow, and the length of time before a prospective resident could move to the Exeter campus would increase. As a nonprofit organization, the leadership team also needed to ensure that growth strengthened long-term financial sustainability while preserving the mission-driven culture that defined the Exeter experience.

Greystone’s Approach: Strategy Before Shovels

Working with RiverWoods leadership, Greystone conducted feasibility analysis and competitive market research to identify markets in New Hampshire capable of supporting additional Life Plan Communities. This work informed multi-scenario financial modeling that allowed RiverWoods to evaluate expansion options against long-term organizational goals.

Greystone also helped structure a sales strategy designed to convert RiverWoods’ established brand demand into committed residents before construction was complete.

Through early prospect engagement, retention events, and personalized outreach, RiverWoods cultivated a strong pipeline of future residents well ahead of opening—an approach that would accelerate absorption across the system.

Execution: Building a System That Could Scale

RiverWoods approached expansion as a long-term organizational strategy rather than a series of isolated projects.

In collaboration with Greystone, the organization developed a phased growth plan that first expanded the Exeter campus through additional residential neighborhoods before establishing entirely new campuses in additional markets.

RiverWoods Durham represented the clearest demonstration of that strategy. Located in a college town with strong demographic growth and no existing Life Plan Community, Durham was identified through Greystone’s market analysis as a high-opportunity location.

Greystone began working with RiverWoods in early 2012 to identify a site for a new community, selecting the Durham location in 2015 after evaluating multiple markets.

The community launched with refined product design, market-aligned pricing, and a prospect pipeline cultivated months before the first residences were available for sale. The response validated the approach: the original campus sold out in just 29 days during the presales phase, before construction began in 2018.

The first independent living apartments opened in November 2019 and filled to 95% occupancy by March 2020.  Months later, the COVID-19 pandemic tested that foundation. With healthcare services still coming online and construction underway, RiverWoods Durham faced the same uncertainty confronting senior living communities nationwide. Supported by the operational framework established during development, leadership navigated the period without disruption to resident life or care delivery.

Reflecting on the organization’s growth and long-term partnership with Greystone, The RiverWoods Group President and CEO Justine Vogel emphasized the importance of thoughtful planning and mission alignment as the organization expanded.

“As RiverWoods has grown, our focus has always been on expanding our ability to serve older adults in New Hampshire while preserving the mission and culture that define our communities,” said Justine Vogel, President and CEO of The RiverWoods Group. “Greystone has been a valuable strategic partner in helping us evaluate opportunities, plan thoughtfully for growth, and ensure that each step forward strengthens the organization for the long term.”

Impact: A Regional System Built to Last

Today, RiverWoods operates three campuses—RiverWoods Exeter, RiverWoods Manchester, and RiverWoods Durham—serving older adults across New Hampshire. The Exeter campus itself includes three communities: The Woods, The Ridge, and The Boulders.

What was once a single-campus organization now operates a diversified system supported by shared governance, coordinated operations, and the scale necessary to sustain long-term growth.

In addition to ground-up development, RiverWoods expanded through strategic affiliation, partnering with an existing community in Manchester in 2016, which was later rebranded as RiverWoods Manchester in 2021.

RiverWoods Durham is now developing a Phase II expansion that will introduce 55 new independent living residences and a new community center expected to open in 2027. Presales for the expansion began in March 2026, and all 55 residences were sold within 11 days of the start of Priority Program conversions to presales, demonstrating strong and sustained demand for the community and the broader RiverWoods system.

The expansion reflects the same disciplined pre-development planning and prospect engagement strategy that supported the original development.

At the flagship Exeter campus, RiverWoods is undertaking its most significant infrastructure investment to date. A new health center designed with the latest advances in care delivery and sustainability, which will consolidate healthcare services currently spread across The Ridge, The Woods, and The Boulders into a single modern community.

Greystone has partnered with RiverWoods to help mitigate the complexity and risk inherent in a project of this scale, ensuring the investment is structured to serve both current residents and future demand.

When complete, the existing healthcare buildings will be replaced with a total of 75 new independent living residences, expanding capacity to address a waitlist that currently stands at more than 400 people. Residents have been closely involved in the design process, helping shape the spaces that will define their daily lives.

The Exeter reinvestment reflects a philosophy that has guided RiverWoods throughout its partnership with Greystone: growth is not only about adding campuses, but about continually reinvesting in quality and capacity so the organization can serve more people without compromising the experience that built its reputation.

“What truly makes the RiverWoods partnership special is that we approach every new project with a unique lens, never assuming success from what’s come before. With each initiative, we look for ways to do things differently—seeking improvements and efficiencies—while always keeping the organization’s core values at the heart of our work, noted Kristine Graeber, First Vice President, Greystone. “We knew from the outset that RiverWoods Durham Phase 2 would be exceptional, and our focus was on building upon the relationships and reputation established in earlier projects, but always with fresh eyes and renewed intention.”

For RiverWoods, the result is a system positioned to grow sustainably while preserving its mission. For Greystone, the partnership demonstrates the value of long-term advisory relationships that help mission-driven organizations expand thoughtfully while maintaining the qualities that made them successful.