W2 Real Estate Partners and Bridgewood Property will break ground on a new 206-unit luxury senior living facility at The Triangle in north central Austin.
The Village at the Triangle will have seven floors of apartment units atop two levels of parking, according to the Austin American-Statesman. It will feature units for independent living, assisted living and memory care. Ultimately, it will occupy 1.4 acres on the 30-acre development.
Increasingly, senior homes are being built in the urban core, near medical centers and other amenities. The demand for elder care and memory care facilities is rising as Baby Boomers age. That demand is reflected in occupancy rates: independent living and assisted living units have 96% occupancy in the area; memory care units are about 98% occupied.
The luxury community is expected to be completed in early 2018. [AAS]
