This article is available as part of your SHN+ membership Nineteen leaders of senior living operators contributed their thoughts to our annual “Executive Forecast” articles, which we published last week. These execs provided valuable insights into what lies ahead for senior living over the next 12 months. Their responses covered a wide range of issues […]
Although the rising prices of commodities for some products have improved, construction labor costs and shortages are continuing to push the cost of new senior living projects higher in the second half of 2023. Construction costs per square foot for developers have been on a continuous increase, according to the latest Senior Living Construction Costs […]
The increasing obsolescence of U.S. senior housing stock was a growing concern prior to the Covid-19 pandemic, and the issue has only become more pressing. As of 2019, the average age of senior housing stock across the 31 primary markets tracked by NIC MAP Vision was 21 years. Today, about 45% of the inventory base […]
Commodity pricing and construction labor wage increases are leveling off — but don’t expect an uptick in new senior living projects or a decrease in overall pricing in 2023. That’s according to a new Senior Living Construction Costs report from construction firm Weitz Company. The cost of building new independent living and assisted living communities […]
Senior living construction is cool across the United States, with financing tough to come by and construction costs high, while the economy remains uncertain. Yet, development and investment is proceeding, and the long-term demographics still tell a clear story of huge incipient demand. Certain metros — such as New York City and Washington, D.C. — […]
Demand among developers and operators for new senior living projects is higher in 2022 than in the prior year, even while construction costs and interest rates remain elevated. Driving that increase in demand are favorable demographics, an expectation that construction prices will level off in 2023 and a shift in mindset from surviving the Covid-19 […]
Transactions Front Porch, Covia Communities Complete Merger Front Porch announced that its merger with Covia Communities became effective on April 1. The merger, which was announced in 2021, has a footprint that includes about 7,500 residents in 19 senior living communities located in four states. The new organization will operate under the Front Porch name […]
Financings Regions closes on $21 million for construction The healthcare real estate team of Regions Bank closed on a loan for more than $21.7 million at approximately $271,000 for new construction. The loan will build an 80-unit community located in Los Angeles County. The borrowers are a joint venture that includes a developer/owner, a partner/operator, […]
Improving air quality and tightening infection control standards for senior housing became paramount in the throes of the Covid-19 pandemic. Now, the bar has been raised on how a senior living environment can and should foster health and wellness for senior living residents and workers. Two players in the space, private equity firm Harrison Street […]
As 2021 comes to a close, four hotly anticipated new senior living communities are opening their doors for the first time: — Sunrise at East 56th, in Manhattan — MorningStar at River Oaks, in Houston — Modena Reserve at Kensington, near D.C. — Trulee Evanston, near Chicago These communities exemplify several trends in luxury senior […]
