As the nation’s aging population continues to increase demand for senior housing services, providers across the country are working hard to satisfy this demand by developing communities in underserved areas. For example, demand for senior housing services is particularly strong in Texas, so providers in the area are ramping up construction to take advantage of this situation and obtain the positive returns that come from doing so. They are also being helped by today’s low interest rates, which make developing communities more cost effective than it used to be. Accordingly, while interest rates remain low, senior housing providers who are seeking capital to acquire some of these new properties should contact Cambridge Realty Capital to learn more about the different financing options that it offers for acquisitions,sale/leasebacks,joint ventures, and other purposes as well.
Development Ramps Up in Texas
In Sugar Land, Texas, providers were pleased to enjoy support from the city government as they bring new senior housing communities to the area. According to information from the Census Bureau, the number of residents in Sugar Land that are 55 or older went up from 8,989 in 2000 to approximately 20,300 in 2010. Furthermore, in 2000 there were 2,808 households with someone 65 or older living in it, and by 2010 that figure nearly doubled to 5,837. Senior housing providers took note of this trend, and are working with the city to bring more housing options to the area for its residents to enjoy.
The senior housing community Sycamores at Sugar Land is currently in development, and is expected to open its doors to residents during the first half of 2015. By the time it is completed, Sycamores will include 45 assisted living apartments, 32 skilled nursing beds, and 45 memory care units to offer potential residents. Also, because of the different types of housing that it offers, residents will be able to age in place at Sycamores if they choose to. The community also plans to offer attractive amenities such as an outdoor patio, a movie theater, and a TV room, and is positioning itself as one of the more upscale senior housing communities in the area.
In addition to Sugar Land, Missouri City is another city in Texas that experienced a significant uptick in the number of seniors living there. Indeed, according to the Census Bureau, in 2000 there were 7,051 residents in the city who were 55 or older, but by 2010 that number more than doubled to 15,571. Also, the number of households with someone 65 or older living in it increased significantly during that period. In 2000 there were 2,108 households with someone 65 or older living in it, but by 2010 that figure increased to 5,837. As Missouri City’s population got older, city officials worked with senior housing providers to bring more facilities to the area for its residents to take advantage of. One such facility is The Huntington.
The Huntington, opened in the fall of 2013, is now completely leased out, and also has a long waiting list. The Huntington has 120 one- and two-bedroom units, and similar to the Sycamores at Sugar Land, it offers a wide variety of amenities, including a library, fitness center, media room, and a business center. Recognizing the need for additional senior housing in the area and seeing the success of this community, the company responsible for The Huntington began building another community in Missouri City that it hopes will succeed just as well.
The Huntington and Sycamores at Sugar Land are just two examples of new senior housing communities that are sprouting up across the country as government officials, senior housing providers, and private developers work together to meet the growing demand for senior housing services. Furthermore, with demand still outpacing supply in many parts of the country, this dynamic is expected to continue until the market is back in equilibrium.