It takes more than an aging demographic to have a healthy senior housing market, and Phoenix has what it needs to spur senior housing growth. Heritage Communities owner Farhan Khan tells us about the other pieces of the puzzle.
1. The Overall Housing Market Needs to be Healthy
The greater Phoenix real estate market, and the housing market in particular, has recovered nicely from the downturn. "This is important for senior housing, as most of our residents sell their homes during the transition to independent living or assisted living," Farhan says. A depressed housing market will delay the decision to move.
2. Demographics is Important, But That's Not All
Senior housing strength is based on demographics, but also the local labor pool, existing inventory and a particular population's openness to a particular development. Omaha-based Heritage Communities only seeks out sites that have a strong need for the company's product, Farhan says. Recently the company unveiled plans, in partnership with locally based Telis Commercial Real Estate, for Orchard Pointe at Terrazza in Peoria. It will consist of 40 independent living, 56 assisted living and 22 memory care units.
3. Amenities Are as Important as in Standard Multifamily
A senior housing owner is more than a company that simply houses and feeds residents, it offers robust programming, well-trained staff and individualized services that cater to the residents. "The property has to be able to foster a community," Farhan says. The new project will be part of the Terrazza Development, with a projected open date in 2017.
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