NAI Signature Group is a leader in providing an array of services in the growing commercial real estate discipline of senior living facilities.
As the ‘baby boom’ generation moves into retirement age, we are experiencing what has come to be known as a ‘Silver - Tsunami’. Currently about one million Americans reside in senior living facilities. That number is expected to nearly double by 2030. But gone are the days of “nursing homes” situated far from city hubs, with small, hospital-like rooms, sterile corridors, and minimal public places.
Several factors are driving demand for and growth of this new kind of facility. Today’s seniors are living longer, are healthier, and have more disposable income. They are, in general, much more active than past generations.
They seek facilities that will support their lifestyles and needs through evolving stages of aging. While they are independent they want inviting living spaces, a calendar of social activities, in-house facilities for group interests, and beautifully landscaped outdoor areas. They want a short walk or shuttle ride to shopping, restaurants and cultural activities. Convenience for themselves and visitors – including their adult children –is highly desirable.
Developer/operators are changing to meet the housing demands of this new senior population. Typically, they are seeking properties that will support a facility of 80 to 90 units, comprised of an assisted living section and a memory care section. Additionally they are looking for sites in a mixed use area on one to four acres.
Our Senior Living Services
NAI Signature Group has built a team of real estate professionals capable of supporting senior living operators to identify, secure, and obtain approvals for world class senior living facilities.We work with multiple national senior living providers to locate sites that meet their requirements -- from raw land to tear-downs to existing buildings that can be repositioned.
We provide these clients with complete site evaluation:
- Town prioritization including demographics
- Zoning analysis
- Preliminary meetings with town officials, including Planning and Zoning staff
- Potential site identification
- Analysis of properties that meet the established criteria
Once we have presented a package of potential sites to the client, we work with their team through the entire acquisition and approvals process as needed.
A typical process includes:
- Preliminary site analysis (zoning/environmental/utilities)
- Site visits
- Letter of Intent negotiation
- Purchase Agreement negotiation
- Due diligence (including environmental)
- Text/zone change approval
- Site plan approval
- Building permit
In our market area, this process generally takes from 12 to 24 months and requires a team of professionals (civil engineer/architect/lawyer/zoning engineer/traffic consultant/surveyor/landscape architect). We can provide clients with typical local cost estimates for these services in support of their planning and financial forecasting processes.