Beijing-based Cindat Capital Management said it plans to spend $2B on U.S. senior housing properties this year.
Cindat CEO Greg Peng said senior housing is the one U.S. sector that is not overbuilt, and he expects demand to soar over the next 10 years as Baby Boomers reach 70 years old, Bloomberg reports. Peng said his firm is considering two different $1B investments into the sector.
The Census Bureau projected the population of Americans age 65 and up will jump 18% through 2020 and reach 56 million.
It is said that 10,000 Baby Boomers are turning 65 every day, and this demand is driving investment in senior living communities beyond the norms of the past, especially since this group wants to retire in style. Check out several senior housing development trends here.
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