Interested in developing Seniors housing?
Important Information About Assisted Living Developers
Investment specialists are very aware of the high demand for seniors housing facilities which is at an all-time high. There has been a major boom in the development and construction of assisted living and memory care facilities as a result of this demand. Investors should be mindful of the amount of work and qualified people that are needed in the beginning stages of construction and development. A team of highly-trained specialists is usually the common denominator in all profitable assisted living property investments.
Finding Talented Architects
Owning a building that is fully functional while aesthetically pleasing will be the key to standing out from the growing pool of investors looking to buy and develop seniors housing facilities. It will be important to find an architect and design team with experience in constructing seniors housing facilities and the ability to meet your specific requests.
The best way to create a blueprint for your development is by learning from other facilities in various stages of operation such as construction, operating facilities and those for sale. This can be achieved by gathering information through visits and walk-throughs. After selecting the right developer, you can now incorporate all of the relevant details of your research into the final project
Finding the Right Developer for You
A good dynamic between an architect and a developer is an important factor involving the two players that can either build your facility or crush the reality of it even existing. This is why it is beneficial to find a developer who has successfully completed projects with your architect in the past.
Experience and knowledge in both sectors are going to be significant in completing a project exactly as desired. Having developers and architects that are fluent in this process will be important when working with them cohesively to achieve a common goal.
You should consider interviewing your architect and developer as many times as it is necessary before feeling comfortable moving forward with a project. Consult with your architect and determine what expectations they have for the developer in question.
Important questions and concerns should address working within the budgets and timelines that have been set in place. Finding a developer that is experienced, competent and organized, will likely guarantee that they can complete this process without a hindrance.
Locating the Site for Development
The design process for your development starts as soon as an ideal location is found.
The entitlement process can vary from city to city and be a very lengthy procedure.
Working with an experienced architect will allow the process to cut through any snags and speedup the entire operation.
Having an architect who is proficient in the codes and regulations of various cities will ensure that your facility is in compliance with these standards.
Development will begin once all loans are in place and the title is secured by the developer.
The Stahler Group, Seniors Health Care Real Estate Advisors at Marcus & Millichap
Joining the seniors housing industry and starting construction can be a very laborious task. To make this process manageable, our experts can provide you with access to a variety of specialized services. For a complimentary business valuation or answers to any questions about the seniors housing investment market, contact The Stahler Group today.