A Boom in Senior Living Takes Shape in Houston

brazoA 14-story residential tower for seniors overlooking Brays Bayou will start to take shape this year, the latest in a series of completed or announced projects for the fast-growing retiree population.

Apartments in the project, to be called the Brazos Towers at Bayou Manor, will cost upward of $3,000 monthly after residents pay a hefty buy-in fee that is 90 percent refundable. Amenities will include dining facilities, an indoor pool and fitness center, and transportation services.

The tower will be built on the 7-acre campus that already includes the Bayou Manor retirement community, 4141 S. Braeswood, which is owned by Brazos Presbyterian Homes. To make way for parking and a service entry, the 1960s-era Carlton House Apartments complex on South Braeswood will be demolished beginning next month.

“The senior population continues to grow,” Wallace explained.

So does the number of new, often upscale accommodations built just for them.

Another Houston-based developer and operator plans next summer to open Belmont Village Hunters Creek, a six-story property at 7667 Woodway that will include programs for people with mild cognitive impairments.

Preliminary plans call for 160 units, including 98 assisted living, 30 memory program units and 32 Alzheimer’s units. It is also developing projects in Dallas and Austin, in addition to the 21 communities it has built nationwide.

At its first project, the 15-year-old Belmont Village West University near the Texas Medical Center, residents pay an average of about $5,000 a month for rent, utilities, meals, transportation, care, activities and programs.

Other local developments for seniors include:

1 The recently completed Village of Meyer- land, a 122-unit community developed by Bridgewood Property Co. at 4141 N. Braeswood just across Brays Bayou.

1 Houston-based Bridgewood also plans to open The Village of the Heights at 1407 Studewood next summer.

1 Dallas-based SRP Medical is developing Magnolia Heights in Spring, on Holzwarth between Louetta and Cypresswood, in partnership with Frontier Management.

1 In League City, Methodist Retirement Communities of The Woodlands recently secured financing to develop The Crossings near FM 518 and FM 270. Groundbreaking is anticipated by the end of 2014.

1 PinPoint Commercial and Thrive Senior Living are developing Legacy at Falcon Point, an 82-unit assisted-living and memory care facility at 1520 Katy Gap Road in Katy.

1 Solana at Cinco Ranch, a property owned by affiliates of Formation Development Group and managed by the Arbor Co. in Katy, is adding a wing to offer memory care. The project at 24001 Cinco Village Center Blvd. opened in 2009 with 126 independent living units and 32 assisted living units.

Will, of Belmont Village Senior Living, said that despite the growth, senior living remains “a niche business. … Houston created more apartments last year than the assisted-living industry creation nationwide.”

The entire Bayou Manor project, including the renovated older section, will be branded Brazos Towers at Bayou Manor. It also will include an expanded health and rehabilitation clinic and an event center with seating for up to 200 people.

“We just celebrated 50 years of being in business back in April,” Wallace said. “We felt the need for a major renovation.”

 

Written by Katherine Feser

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If you are moving to the Katy Independent School District and looking for information on properties available for sale, please call Michelle Sturdevant at 713 572-5308.  
Michelle Sturdevant Realty Group


Categories: Houston Real Estate News, Real Estate Advice for Buyers

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