Baby Boomers Demand Top of the Line Senior Housing
You’ve just fallen in love with a one-bedroom apartment equipped with granite countertops, stainless steel appliances and a spacious balcony.
The property manager continues the tour and points out an 18,000-square foot recreational area with access to a six-acre park connected to walking trails, a resort-style pool, cabanas, a movie theatre, epicurean cafe, salon, library, a wine and cigar room, and a putting green. Ready to put down a deposit?
There’s only one catch — you have to be 55 or older to live here.
This first-class apartment complex is KWA Construction’s latest senior housing project, Larkspur at Twin Creeks in Allen, Texas. Designed by award-winning architect Architectura of Plano, the $24 million, 243-unit active adult apartment is expected to be complete in February 2018.
“For nearly a decade, starting with Churchill Residential in 2008, KWA has helped developers and architects build upscale living for active adults,” said Brian Webster, President of KWA Construction. “With the continued growth in senior population, we expect this market to expand out of its ‘niche’ status and become a new way of life.”
In 2016, the largest U.S. demographic — the Baby Boomer generation — began turning 70-years old. This generation, born approximately between the years 1946 and 1964, are embracing technology and a more modern lifestyle than generations prior. It’s critically important to Baby Boomers to maintain independence, which means builders and developers adhere to their health and social habits when planning living facilities.
For instance, some key design trends that have emerged include building grand entertainment pavilions or community spaces for residents to spend time visiting family and friends, up-to-date fitness centers and full-service restaurants. Also, today’s seniors strongly rely on technology, and it’s expected for developers to incorporate Wi-Fi and electronics in every room.
According to the National Investment Center (NIC), at the end of 2016 in the primary markets, there were more than 32,000 units at senior housing properties under construction. Assuming 60 to 80 percent of the construction delivers in 2017, the primary markets could see inventory growth of between 4,843 and 6,457 units per quarter.
KWA’s first venture into senior housing involved partnering with Churchill Residential in 2008 to build the upscale active adult community of Churchill Estates at Lake Highlands, a 175-unit luxury apartment community designed for active adults over the age of 55. Since then, KWA has completed construction on several more trendy senior housing projects, including Hillside West Senior Living, an affordable development in Dallas with sustainable and high-end amenities and Heritage Village which features an indoor pool and a clubhouse with a salon.
With additions like these, individuals can feel good about moving their family members to senior communities, where friendships will blossom and active lifestyles will remain.