Is Senior Housing an Insulated Real Estate Investment?
People are living longer and that’s fueling the growing senior housing sector. There’s development across the state and country and we’re excited to bring you some of the busiest developers, owners and operators at Bisnow’s DFW Senior Housing development boom event on Sept. 24 at the Hyatt Regency Dallas.
Senior Quality Lifestyles Corp CEO Charlie Brewer tells us the senior housing industry is fairly insulated from the ups and downs of the real estate market, because the population is aging and housing and specialized care is in demand. Working as a nonprofit developer, SQLC provides a continuum of care for its residents starting with independent living and progressing as more care is needed, he tells us. SQLC first developed Edgemere, which is the largest and most comprehensive life care senior living community in Dallas, in 2001. Located in the Preston Hollow/Park Cities area at 8523 Thackery St, the community now has 304 independent living apartment homes, 60 assisted living suites, 31 memory care private apartments, and 72 private rooms for skilled nursing and rehab.
Edgemere is in the midst of a large-scale expansion and renovation project. Financing for the project was completed through the sale of $36M in series 2015 bonds. Among the improvements is a new 6k SF performing arts center, new dining options, a bar and lounge, and an expanded café. The Plaza at Edgemere (on the same campus) will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added. Andres Construction will be the GC. AG Architecture will be the design firm. Other project partners include interior design firm Looney & Associates, and design consultants will be Faulkner Design Group and Kimley-Horn. Ziegler Capital Markets served as bond underwriter. Construction started last month, and the project is scheduled for completion Q1 ’18.
Charlie (pictured at the ribbon-cutting for the latest SQLC project in Indiana) tells us the company now has six projects completed and is in the early stages for a project in Colorado Springs, CO. Since starting the nonprofit in 1997, Charlie tells us he’s seen a big shift in senior housing toward wellness. SQLC affiliated with Masterpiece Living to implement a focus on what makes people age healthier and happier. In the past, residents might linger in a nursing home for four to six years. Now, those stays are often four to six months at the end of life. There is life improvement as people can live longer, healthier lives, he says. It’s a focus he brings to the workplace for his corporate team as well as the residents. Charlie says he knows family is important to his team, so part of the site selection screening for new communities is proximity to DFW. All of the locations are within a two-hour flight of DFW, so corporate team members can do their business and be home that evening to be with their families. Charlie tells us he has a lake house and a ranch, where he escapes city living as often as he can.
Remember, you can learn more about senior living, SQLC and Charlie by reserving your spot now for the Bisnow DFW Senior Housing development boom event on Sept. 24 at the Hyatt Regency Dallas. Register here.