No Longer Institutional; No Longer Dreary

SANTA ROSA, CA-Today, there are 40 million people over the age of 65; the first wave of America’s 77 million baby boomers started to enter their senior years in 2011; and the senior population is expected to nearly double to 71 million by 2030. Those facts come from Bob Pospisil, construction director and project manager for Oakmont Senior Living, an award-winning developer of resort-style retirement communities based in Santa Rosa, CA. It is because of facts such as those that we chatted with Pospisil on senior housing today, what we can expect for this year, and what challenges are still facing the senior housing sector. GlobeSt.com: What is happening in senior housing today? What can we expect for this year?

Bob Pospisil: With the senior population growing quickly and occupancy rates for senior housing hovering around 89%, there is high demand for new inventory. This will be the fourth consecutive year the senior market has experienced steady gains, and investors and developers are following in tow. Across the US there are now dozens of independent living, assisted living and nursing projects under construction, or recently completed. Last year, Oakmont Senior Living completed and opened three resort-style retirement communities in Brea, Roseville and Santa Rosa, CA. This year, we have set another aggressive construction schedule to complete three more communities in the cities of Upland, Folsom and Carmichael, CA. The industry is excited to be ramping up to meet the ever-growing need.