CHICAGO—The increased demand for new seniors housing is driven by more than simple demographics. That was the conclusion of officials from Chicago-based CA Ventures, LLC after they recently finished several years of careful study. The entire concept of what seniors consider a good life has changed in profound ways, and much of the housing constructed in the boom of the 1990s no longer meets their needs.

As reported in GlobeSt.com, CA Ventures, a well-known provider of student and multifamily housing, just launched a subsidiary called CA Senior, LLC, and has entered into a joint venture with an affiliate of Goldman, Sachs & Co. to develop 14 senior housing communities across the US, including a 101-unit senior housing community in Mason, OH, a suburb of Cincinnati.

“The developments from 20 years ago were built for another generation and they have become obsolete,” John Dempsey, chief operating officer of CAS, tells GlobeSt.com.

For one thing, they did not incorporate technology, which these days is so important for managing medications and treatments, and to keep seniors connected to family and friends, frequently located in other cities. Furthermore, just like the college students served by the company in its other business line, today's seniors have adopted lifestyles that revolve around wellness and healthy living. And that has a big impact on design.

“The biggest difference you see is in the common areas,” Dempsey says. Modern senior facilities need much more common space and amenities. “That increases the ability of residents to socialize and get involved in wellness programs,” including ones that help develop good nutritional habits and enjoyable exercise regimens. These qualities are key if a seniors' community wants to attract new residents. The baby boom generation “watches what they eat and they're not smokers. It makes all the sense in the world to build a new generation of communities designed for them.”

Senior housing providers today need to aim at creating a better overall quality of life. Dempsey says that for his grandparents' generation, old age sometimes meant “a lot of solitude. Our residents are going to be part of life, and not just at the end-stage of life. That's healthy and attractive.”

CAS expects to complete the Mason community's 68 assisted living units and 33 memory care units in the summer of 2017. Senior Lifestyle Corp., a national operator of senior living communities, will manage the community. “They are a best-in-class operator and have a great reputation,” Dempsey says.

He adds that it will probably take CAS around two or three years to get the 14 establishments associated with this joint venture up and running. And after that, he anticipates that the company will start looking for even more opportunities in the seniors housing market. “We are in this for the long haul.”

“The developments from 20 years ago were built for another generation and they have become obsolete,” John Dempsey, chief operating officer of CAS, tells GlobeSt.com.

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Today's Seniors Need a New Generation of Housing

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