In an earlier post we discussed how senior housing providers are building more communities in an effort to satisfyincreasing demand for their services. This is being done despite concerns that some analysts have about oversaturating the market with too much supply. Many industry professionals disagree with these analysts’ assessments and are demonstrating this by continuing to build senior living communities all across the country.
Construction Continues Across the Country
In Burleson, Texas, city authorities recently approved proposals for the construction of two senior housing facilities. One of these is a 40,000 square-foot assisted living facility that will have 60 beds and the other is a 180 unit facility that will include amenities such as a walking course, exercise facilities, a pavilion, and a dog park. Texas is one of the areas that has seen an especially high amount of increased construction thanks to a strong job market that has motivated people from all over the country to move there, and because parents often want to live close to their adult children, many seniors are moving there as well.
Another state that has a strong senior presence is Florida and in Oxford, Florida, the Douglas Company is currently hard at work building Mission Oaks II. Mission Oaks II will be a memory care facility with 31 units and 34 beds. It will also have a wide variety of amenities including a spa, beauty salon, music room, community dining room, and a courtyard with a putting green and fountain. The Douglas Company also intends to build an Adult Day Care Center and an office for a staff neurologist onsite as well. Warm weather throughout the year is one of the main reasons why so many seniors move to Florida and this also holds true for some states in the western part of the country such as California.
In Burlingame, California, Sunrise Senior Living is building a four-story assisted living and memory care community that will have 80 units when it’s complete, and Sunrise isn’t stopping there, it is also building a senior living community in Dublin, Ohio called Sunrise of Dublin. Sunrise of Dublin will also have 80 units and will accommodate both assisted living and memory care residents.
Meanwhile, in Zachary, Louisiana, Provident Resources Group has announced its plans to build a $20 million, 100 unit community that will also have both assisted living and memory care beds. This community will be called Provident Village at American and will feature amenities such as all day dining, Wi-Fi technology, group activities, community provided transportation, and a business center. Provident expects to begin construction on the community later this year.
Lastly, also in the southern part of the country, Thrive Senior Living and Pulliam Investment Company have announced that they will be breaking ground on a new assisted living and memory care community in Greer, South Carolina. This community will have 89 private resident suites, including a separate neighborhood for residents with memory care needs and will also include a range of amenities such as a spa, coffee shop, fitness center, beauty salon and activities center. Construction on the community is scheduled to be completed by June 2015.
These are just a few examples of the senior housing communities that are being built across the country as industry participants strive to meet increased demand for their services while also defying some analysts’ concerns that the market is in danger of becoming oversaturated. Providers are looking at each market at a local level and making a determination based on demand in that particular market, and because they are continuing to find it, they are continuing to build senior housing communities. Accordingly, industry professionals that would like to obtain capital for future growth or other needs should contact the Chicago-based financing firm Cambridge Realty Capital to learn more about the many different financing options that it offers for this purpose and for others as well.
