Posted byJonas Levy on Wed, February 19th, 2014 9:29:52
If senior housing construction starts and leasing figures for high-end communities told the whole story, you’d assume there wasn’t much demand from less affluent consumers looking for residences. But while swanky senior living development gets a lot of media coverage, the need for more economically-priced homes is a reality for a growing number of seniors. Senior Housing News writer Elizabeth Ecker reports that Bridgewood Property Company, a Texas developer, recently redeveloped 1,000 units at a price point significantly lower than the units the company normally builds. Reports Ecker, “Bridgewood is eyeing the new niche as a new opportunity with plans to develop two middle-price point communities this year, with the first located south of Austin comprising 80% independent living and 20% assisted living at a price point that is roughly $1,500 per month less in rent than in Bridgewood’s other properties.”
As you’d expect, the more economical housing will be different than high-end housing in a variety of ways, typically in the way of amenities, finishes, and size. What we find interesting about this article is the fact that Bridgewood plans to use these 1,000 units as a prototype for future development, Ecker writes.
How many other high-end developers will change courses for as well?
Across all aspects of senior living and for all property types (memory care, independent living, assisted living, etc.), more and more real estate groups are entering the senior living development fray, or boosting their existing presence. For example, in another article, Ecker reported that Avanti Senior Living broke ground on two senior living sites in 2013, and now plans to do the same on an additional seven this year. (Read the Q&A here.) And, in the story, “LaSalle Group Launches Private Equity Senior Housing Joint Venture,” Ecker reports how LaSalle and a private entity plan to acquire six properties (two in Dallas, two in Chicago, and the other two not defined).
For more articles, commentary, and industry expert views on commercial real estate topics and trends, visit the other articles on our blog at RealEstateDealSheet.com/blog.
As you’d expect, the more economical housing will be different than high-end housing in a variety of ways, typically in the way of amenities, finishes, and size. What we find interesting about this article is the fact that Bridgewood plans to use these 1,000 units as a prototype for future development, Ecker writes.
How many other high-end developers will change courses for as well?
Across all aspects of senior living and for all property types (memory care, independent living, assisted living, etc.), more and more real estate groups are entering the senior living development fray, or boosting their existing presence. For example, in another article, Ecker reported that Avanti Senior Living broke ground on two senior living sites in 2013, and now plans to do the same on an additional seven this year. (Read the Q&A here.) And, in the story, “LaSalle Group Launches Private Equity Senior Housing Joint Venture,” Ecker reports how LaSalle and a private entity plan to acquire six properties (two in Dallas, two in Chicago, and the other two not defined).
For more articles, commentary, and industry expert views on commercial real estate topics and trends, visit the other articles on our blog at RealEstateDealSheet.com/blog.
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