With the senior population increasing and living longer, the demand for new Active Adult housing is being explored by more developers. One developer, Greystar, has taken the plunge into senior housing recently with the announcement of two Houston properties and 26 more to come around the country.
According to the Houston Business Journal: "Greystar has launched a new apartment brand that will cater to Houston’s growing population of active-adult renters. The Houston-based multifamily company plans to break ground this year on nearly a dozen Overture-branded apartments across the nation, including two in the Bayou City. Overture apartments will be located in walkable urban neighborhoods close to shops, restaurants, parks and entertainment venues. They will be geared toward active adults ages 55 and older who are looking to downsize."
More on the Greystar development projects:
http://www.bizjournals.com/houston/news/2016/06/27/exclusive-houston-multifamily-company-launches.html.
http://www.bizjournals.com/houston/news/2016/06/27/exclusive-houston-multifamily-company-launches.html.
Not only is demand for senior living options growing in large metro areas, but also in rural areas. CDS recently completed a study in Granbury, Texas—population 10,000. Their conventional apartment market was over-supplied. However, based on their population’s age and incomes, the demand for Active Adult housing was found to be very high.
About the Author: Brenda G Crenshaw is Vice President of CDS Community Development Strategies. She specializes in office, retail, industrial, multi-family, condominium and student housing analysis.
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