With the Baby Boomers now ranging in age from 54-73 the “senior living” market is, well, BOOMING. This generation encompasses a whopping 78.8 million people. Many companies calling it the hottest 2018 CRE investment, and something that even beginner stockholders can add to their portfolios.
Major companies and investors, not originally in the senior housing niche, the well-known Ritz-Carlton developers, owner of the NFL Kansas City Chiefs and investor to the Chicago Bulls are taking notice and quickly jumping on the bandwagon.
We are seeing luxury 55+ development like we have never seen before. No matter what generation you come from, here are some of the most expansive projects in the Midwest we have been watching and you should be too.
We like what we see so far with these projects and expect to see more popping up soon.
Maple Knoll
A well-known active adult community, Maple Knoll, is undergoing a $10 million redevelopment. In the heart of Springdale, the project includes expanding the bathrooms and kitchens, updating security, and improving handicap accessibility and common space.
Twin Lakes
This upscale community in Montgomery launched a $70 million expansion that adds 45 new apartments for independent living. They have also added a new building with accommodations for those with memory problems related to Alzheimer’s or dementia.
Otterbein Lebanon
Otterbein renovated on a multimillion-dollar complex at its Lebanon campus which is now completed. The Gallery at Otterbein includes 45 new apartments, a deli/bistro, beauty salon, barbershop, library, art studio, gift shop and a small theater.
Emerald Trace
A new $14 million community in Elsmere, Emerald Trace is now open. It’s located less than 10 miles from its sister property Rosedale Green. Currently, there are 210 beds in all facilities, with 38 private room accommodations. Between the two campuses, there will be 250 beds after the construction projects and more than 100 private rooms.
We like what we see so far with these projects and expect to see more popping up soon.
We like what we see so far with these projects and expect to see more popping up soon.
With about 2,000 active adult communities nationwide and growing, the time has never been better for traditional senior living providers to seize this still loosely defined opportunity and thrive. The ones who don’t, might be left behind.
