A California senior living resort developer and management company is betting big on expanding within the state, with nearly 10 projects under way or coming on line within a year’s time.
Oakmont Senior Living has announced the construction of what will be its eighth and ninth communities in Northern California, for a total of 13 communities under management. The company has planned and developed more than 30 retirement communities in the Western United States.
The company’s management expects a pace of five to six new properties each year now that the financing environment has improved post-recession.
“In general, equity and financing are more readily available to those proven builders and operators than it has been in the past few years,” says Keith Fitzsimons, CFO of Oakmont Management Group. “In addition to that, there is not a lot of new development happening in California at this time. These two things combined help make now a good time for a California company like us to actively grow.”
The communities to break ground most recently include Oakmont of Folsom, to include 47 assisted living and 19 memory care apartments, and Oakmont of Carmichael, to include 50 assisted living and 21 memory care apartments.
Floor plans include studio, one- and two-bedroom options with 10-foot ceilings and spacious bathrooms, the company says. Additional amenities include gourmet dining; daily on and off-site recreational and social activities; libraries; movie theaters; fitness centers with instructional exercise classes; activity rooms with scheduled social events, games, arts and crafts; salon and day spas; resident flower and vegetable gardens, walking paths; and pet parks.
Additional memory care-specific programs include therapy for dementia patients to promote independence.
And the pace of new development is expected to continue, with five more groundbreakings this year.
Oakmont plans to continue utilizing a relatively new senior housing revolving credit product made available by Freddie Mac after being the first developer to use the product earlier this year in a $150 million financing arranged by Greystone.
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The company declined to share cost figures for its pipeline of projects.
The newest properties are expected to be completed by fall and have already begun to attract residents.
“We already have several deposits and reservations,” says Crystal Dillard, corporate director of sales and marketing for Oakmont Management Group. “We’re only 10 days in and already we have interested residents. It’s exciting to see.”
Written by Elizabeth Ecker