A growing segment of the senior population looking for a home sweet home within an age-restricted multifamily community are gravitating to upscale properties, specifically those that offer concierge-type amenities. Robert Carr with National Real Estate Investor discusses this phenomenon in “High End Seniors Apartments Take Off Again.”
He explains that there’s a revival in development of senior living communities with extras like hair salons, movie theatres, private dining, and even specialty classes. And, in this article from Silicon Valley Business Journal, some senior communities in California even offer bocce ball and antigravity treadmills.
In other words, seniors want more and developers, owners, and operators are listening. “There are more than a few firms who are betting that baby boomers want more bling than what’s now available at the topical seniors residence,” Carr writes in his article. He cites Mainstreet Property Group as one such developer that’s banking on communities with upscale offerings. On its Website, Mainstreet reports that it develops “Next Generation™” properties that are “hospitality-centered product.” These amenities include on-site chefs, pubs, and wellness areas.
Carr’s article also includes information on developers that are catering to the wealthy senior set and cites Belmont Village Senior Living, which is developing properties in affluent areas in Texas and California.
Wall Street Journal writer Dawn Wotapka’s article, “A New Senior Moment,” also shows off examples of senior living at its finest. She writes about Vivante on the Coast, under construction in Newport Beach, which affords residents luxuries such as on-demand sushi chefs, indoor saltwater pools, an herb garden, onsite luxury spa and salon, yoga deck, and much more. Wotapka also writes about Arizona’s Vi at Silverstone, a continuing care retirement community, which offers villas, assisted-living residences, and then also a skilled nursing home. Here, residences can enjoy educational speakers, string quartet performances, putting green, and dog park. Perhaps Vi’s website says it all: “Blurring the line between retirement home and resort.”
Within the senior living property niche, these upscale communities are being developed for both short-term and long-term care needs. What’s the most luxurious amenity you’ve seen from developers? Share your thoughts with us and we’ll address them in a future post.
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