Digested from "Miller-Valentine Group: Stylish Senior Living"
Yardi: The Balance Sheet (5/22/15) Theiss, Eliza
Housing for seniors is becoming a growing concern, as more and more baby boomers reach retirement age. To help meet the need for adequate housing, development firm Miller-Valentine Group is targeting this aging demographic, with new communities suited to the senior lifestyle.
Three of the seven communities the company plans to open in 2015 are for renters 55 and older. Each community pairs high-end amenities, such as energy-efficient appliances, gourmet kitchens and step-in showers, with affordable rates aimed at renters on a fixed income. Complexes also include community rooms and walking paths to provide opportunities to exercise and socialize.
The company has already had success with a reuse project in Indiana that created 83 units within a historic landmark near major entertainment, retail and activity outlets.