Ensures we invest in high-quality properties, at attractive valuations, in markets with favorable demand/supply dynamics.
Ensures we partner with operators who are local, entrepreneurial, compassionate, aligned, and proven.
Ensures active, hands-on collaboration with operating partners rather than passive observation.
Silver Wave Capital was formed in January 2024 by two senior housing specialists and longtime friends. In 2017 Elan Ruggill was the President of American Eagle Lifecare Corporation, a non-profit owner of senior housing and skilled nursing communities, when Cory Wake joined the firm. Their first project was a $220 million bond-financed acquisition, and they quickly developed a seamless working relationship and respect for each other. Elan eventually left the company to build his own real estate fund, and Cory assumed his responsibilities, but the two remained friends.
Seven years later in January 2024, they shared the view that senior housing investment conditions were too interesting to ignore. As valuations bottomed, supply growth slowed, and the Silver Tsunami of aging baby boomers approached age 80, they launched Silver Wave Capital to pursue value-add senior housing investments.
They built SWC around their shared core values: discipline, compassion, and honesty. They place tremendous importance on the comfort and care provided to residents at their communities, and they partner with mission-driven operators who share their priorities. They believe investment returns closely correlate with resident satisfaction, because residents have choices, and empty buildings don’t perform well.
They are honest and transparent, and they pride themselves on being easy to work with. They are value-add investors with uncompromising values, and they are sincerely passionate about what they do.
Silver Wave Capital was formed in January 2024 by two senior housing specialists and longtime friends. In 2017 Elan Ruggill was the President of American Eagle Lifecare Corporation, a non-profit owner of senior housing and skilled nursing communities throughout the Midwest, when Cory Wake joined the firm as an analyst. Elan and Cory were the only two corporate employees under the founder and CEO, and their first project together was a complex $220 million bond-financed acquisition of a 16-facility portfolio. They quickly developed a seamless working relationship and respect for each other. Elan eventually left the company to build his own real estate fund, and Cory assumed his responsibilities, but the two remained friends.
Seven years later, they both recognized the attractive investment climate in senior housing. Timing is everything, so they acted fast. They founded Silver Wave Capital to pursue value-add investment opportunities as valuations bottomed, supply growth slowed, and the Silver Tsunami of aging baby boomers began to age into senior housing.
They built SWC around their shared core values: discipline and honesty. They’re disciplined in applying strict investment standards, and in their meticulous asset management. They’re honest in communication with investors, brokers, operators, and sellers. They pride themselves on being easy to work with, and they believe transparency always rewards in the long run, even if it costs in the short run. Their ethos is “good guys doing good deals,” and they invite all good people to ride the Silver Wave with them.
Continued to drive long-term value through innovation, integrity, and disciplined investment strategies.
Cory is a capital allocator and asset manager who has deployed over $500 million into senior housing. His exclusive focus on senior housing has shaped him into a sophisticated underwriter and investor with a deep understanding of the industry’s financial and operational complexities. He publishes industry analysis to a wide audience on LinkedIn and Silver Wave Capital’s website.
Cory’s career in senior housing began with American Eagle Lifecare Corporation, an owner of senior housing and skilled nursing communities throughout the Midwest and Southeast. He worked directly under the CEO and was instrumental in tripling the company’s size. When he left in January 2024, American Eagle had grown from five to 17 properties, and revenues had almost tripled to $100m. His duties spanned financial analysis, deal execution, asset management, corporate finance, business development, and corporate governance.
He is a CFA charter holder and graduated with distinction in Economics from Colorado College.
Elan is a former Wall Street trader turned real estate private equity founder and executive. In 2014, he co-founded Watermark Partners, a private investment firm focused on acquiring multifamily properties in the Midwest. Under his leadership, the firm deployed $70 million of equity and scaled to $200 million in assets under management. From 2013 to 2019, he also served as President of American Eagle Lifecare Corporation, a regional owner and operator of senior housing and skilled nursing facilities.
Elan is a serial entrepreneur and real estate investor with a diverse personal portfolio that includes retail, office, and residential properties. He began his career trading interest rate derivatives and other complex securities for HSBC and Prologue Capital over an eight-year period.
He graduated from the University of California, Berkeley in 2002 with a degree in business administration.
