Independent living is adding some flavor to the senior housing mix. Newer facilities are making it easier for seniors to live enjoyably with a variety of upscale amenities.
Jim Keledjian, principal at Pathway Senior Living, LLC, explained that those seeking to live independently want facilities that have certain services so it can provide them with a more relaxed lifestyle.
These days, the independent living facilities have one, two and three bedroom apartments with complete units in the room. The facilities have pools, baths, workout room and between two to three dining venues, where residents often purchase a meal package.
Other amenities found in newer buildings, Keledjian said, are theater auditoriums where there’s movies and entertainment, along with a whole variety of activities that keep the residents active and “their minds working.”
Patrick Lee, vice president of acquisitions at Senior Lifestyle Corporation, said theaters are very common these day and there’s usually a therapy room and provider, which makes it easier for the residents who don’t need to go back and forth.
From the contractor’s perspective, facilities are attempting to make the rooms and service amenities higher-end and plentiful, according to Joe Beuttas, vice president of business development at JJ Duffy. He said more out-of-town developers are coming into the Chicago area than before— about three times more than three years ago.
He said the existing facilities are being renovated and upgraded here and there, but there’s a general uptake in the senior housing industry and improving the overall quality of the product and the vast majority, about 85 percent, is being done with its interior.
A big reason residents are attracted to these facilities, Lee said, is because of the socialization and ease of living. Lee said there’s plenty of high-tech amenities that are going on, such as quiet-care, which monitors movement in the room.
Keledjian mentioned that over the last five years, the facilities are bringing in vendors who bring medical-related services to them.
“What happens with aging today is that residents are living longer than they ever did and they’re differing certain things they took at an early age,” Keledjian said. “Instead of going to a nursing home in their 50s, they’re staying at home and have someone come in and check their blood pressure and medication, while getting charged at an hourly rate.”
But these days, independent living is starting to look like assisted living with the medical attention that’s being brought in, according to Keledjian.
“I remember when the average age for someone at an assisted living facility was 65 to 70 years old, over 18 years ago,” he said. Now, residents are between the ages of 86 and 91 in assisted living and between 71 and 81 for independent living.
“Because of extended life spans, everyone’s getting residents later,” Keledjian said.
Due to the newer services and amenities these newer facilities provide, residents are paying a hefty price in exchange to have that lifestyle.
Keledjian said the average cost for independent living these days is typically between $2,000 and $4,000 a month, without any medical services. He said on average, assisted living is $3,800 to $5,000 on the high end, while memory care is $6,000 to $10,000 depending on the physical and mental health of the resident.
But the rent doesn’t seem to be affecting business. According to Lee, there’s plenty of building going on in seniors housing.
He said Senior Lifestyle recently opened an assisted living community in Northbrook, Illinois, North Shore Place, and the company also just developed a few Supported Living Facilities (SLF) that are Illinois Medicaid-type communities for assisted living. Senior Lifestyle is also developing another community in the north suburbs near Lake Bluff, which is in its development process.
“Chicago is a very strong development pipeline in the country for independent living and senior housing” Mark Myers, senior director at National Senior Housing Group said, noting Senior Lifestyle, Belmont, and Presbyterian Homes.
He said that Chicago actually has a very prominent independent living market and is impressed with Senior Lifestyle. He said Senior Lifestyle has built and done something ingenious with its concept ‘Senior Suites,’ which helps residents with government sources and are able to charge low rents. Those, he added, are extremely independent and residents have the capability to order food through a machine.
Myers also said interest rates remain low in capital markets, so we’re seeing more developments in places in Dallas, Texas, where there’s definitely heavy demand.
An upscale amenity that Myers said he’s surprised hasn’t been popular in seniors housing are masseuses.
“As popular as they are, you’d think more communities would have a spa,” he said. “I’ve seen some, not many, but in my opinion, I think it should be added.”
