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THERE IS NOTHING TO COMPEL retirement village operators to charge 30% in deferred management fees or to keep all capital gains related to a property to themselves. It’s just that most do. But not all.
“Essentially, our thesis is that the residents deserve to be the ones who get the capital gain,” says Adam Yates, chief executive of Karaka Pines Villages, which has seven facilities around the country, two up and running and five