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As the aging population in Texas continues to grow, so does the demand for available units in the senior living market. Cadence McShane Construction VP of housing and senior living Dave Tague (above) and director of business development Sue Lehrer told us the future of construction for senior living in Texas is healthy, particularly in the suburbs.
Elderly seniors nationwide are relocating to housing facilities designed to meet their unique needs. Baby Boomers looking to downsize seek options allowing for greater flexibility and less maintenance as they extend their careers and exercise their financial ability to travel. Active adult age-restricted independent living has recently become very popular among this demographic, blossoming alongside traditional, need-based environments.
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The Gulf Region harbors an especially strong demographic of retirees with pensions socked away. The area's perennially expanding petrochemical industry has attracted many 45- to 60-year-old transplants who are later followed by their senior parents.
Texas’ senior living boom has caught the attention of — and is in part fueled by — foreign investors who are funneling capital into the “silver tsunami” of senior living opportunities throughout the state. “The current environment supports high rates of return as long as the right project team is in place to get you there,” Tague said.
Suburban communities in particular have transformed into hotbeds of senior housing investment, benefiting significantly from corporate relocations, business-friendly environments and higher standards of living.
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The push to the suburbs is driven partially by concerns of urban oversaturation. Senior living demand has eased up in the densely populated Dallas, Houston, Austin and San Antonio metro areas. Consequently, Tague firmly believes the underserved outlying suburbs will become the focus of even more investors and developers statewide.
“Investors are beginning to get fearful of overbuilding in some of the larger metropolitan areas and are now looking at smaller towns where options for senior living are more limited,” Lehrer said.
Firms like Cadence McShane Construction are catering to the overall unit shortage that is stifling some of the “hidden” areas of the Texas senior housing market.
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Coupled with over 50 years of collective experience and the unique perspectives of Tague and Lehrer as its dedicated senior living experts, the firm is poised to meet demonstrated market needs.
"Finding a promising project opportunity is only the beginning. In order to maximize the return on investment, investors and developers know that every party involved has to have a strong record of success," Tague said. "Cadence McShane offers a proven track record of completed senior living projects that demonstrates our capacity and experience to deliver the full range of housing environments."
To learn more about Bisnow partner Cadence McShane Construction Co, click here.
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