News
PENNY ON BOOMERS
April 7, 2010
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| Creating a sense of community will be critical in the next generation of retirement homes, said Pritzker Realty's Penny Pritzker at last night's Northwestern University Alumni event on the unstable future of real estate. Pritzker also owns Classic Residences by Hyatt, a line of luxury retirement communities. She says seniors don't want to give up living with their spouses and typically move into Classic Residences in their late 70s. Equity Group International's Sheli Rosenberg moderated. |
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| Also on the panel, Ventas' Debra Cafro said just 6% of senior living facilities are owned by REITs, a much smaller percentage than other asset classes. Senior housing tends to be recession resistant, she says, although there are a few more unemployed children taking care of their aging parents during the recession. She anticipates demand for senior housing and MOBs will steadily increase, while supply remains the same, giving owners a chance to raise rents. |
