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Integra Realty Resources Seniors Housing & Health Care Specialty Practice's Charles Bissell
With more than 17M senior living apartment units nationally, don't believe senior housing is just a niche market, Integra Realty Resources' top senior housing dog Charles Bissell told the Fort Worth CREW luncheon last week at The Ashton. While overall population is projected to grow 1% annually, seniors are growing (not physically) at a higher rate: 65 to 74-year-olds  are growing  4.2% annually; 75-84 at 2%, and 85 and older at 1.4%. The market needs a larger supply of assisted living and nursing facilities in the next three to five years, according to Charlie.
Fort Worth CREW at The Ashton
Oddly, equity isn't the problem here—it's a lack of product to buy. Occupancy rates have bottomed and operators are slowly seeing some recovery, Charlie explained. By next year, development should be underway but will be hard pressed with liquidity still scarce. The good news is the CMBS market is back for senior housing with two large deals already done this year, he adds.