East Paseo Corridor Hot Spot For Senior Living Developers

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April 2020 6 East Paseo Corridor Hot Spot For Senior Living Developers

By Autumn Gray

Demand for senior living in Albuquerque is the highest it’s ever been, and developers appear in a heated race to meet the need, particularly on the northeast side of town. At least five senior living facilities are either open or under construction in as many blocks along the Paseo del Norte corridor, east of Interstate 25. More are on the way. Industry experts expect a half dozen additional facilities targeting ages 55 and older will soon expand the inventory along the route. The east Paseo corridor is hands-down the most active, highest density and expensive area for development of older adult residences in the city. A combination of demographics and real estate realities are fueling the wave of construction in the local senior market segment. Albuquerque’s population, like that of the entire U.S., is aging and downsizing. The Census projects that by 2034, for the first time in history, people age 65 and older will outnumber children. With that shift comes a somewhat urgent drive for senior housing and health care, often as a package, and often bigger and more lavish than that built for previous graying generations. A more uniquely local trigger for Paseo development is that Albuquerque has a shortage of vacant land, especially of utilityserved property, in its northeast quadrant. Naturally, the available spaces compel development. Senior housing is devouring land that had been slated for retail in this heavytraffic sector of the city.

While the Paseo strip, with a posted speed of 55, doesn’t have walkability going for it, it does provide easy access to Interstate 25, convenient for children and grandchildren coming to visit. Paseo is also lined with big-box retail (Lowe’s, Target, Walgreen’s), national chain eateries (Chickfil-A, Chili’s, Panera Bread), and as of summer 2019, Albuquerque’s only round-the-clock Urgent Care Clinic and Emergency Room. The 12,000-square-foot medical center was the first of four to be built throughout the city by Presbyterian Morningstar Assisted Living & Memory Care

Healthcare Services by the end of this year.

With increased competition in the senior housing industry, visibility and accessibility of housing have emerged as key to outperforming the competition. Senior living tucked away on back streets or hidden behind gates in suburban neighborhoods are out. Today, it’s all about prominence.

Vacant Paseo del Norte plots uniquely tick most of developers’ on-trend boxes. So, they don’t come cheap. Greystar, the company behind the Overture Albuquerque active

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adult apartments under construction at the Paseo-San Pedro intersection, reportedly paid a record amount of money for the land. A Greystar spokesperson was not at liberty to confirm or deny that. Greystar, whose website boasts $14 billion in completed rental housing projects in the U.S., had preleased 30 percent of the Albuquerque complex’s 174 apartments as of early March, with residents set to move in in May. “There’s a whole formula these developers are looking for, and once we were able to fit the model, it goes fast,” said Joe Romero, senior vice president - principal at Colliers International. Romero is part of a Colliers team that has represented commercial properties listed along Paseo that have been purchased by senior housing developers. He says the majority of demand along the corridor has been from the senior living sector, and that between five and six more facilities are in the development pipeline.

“You’ll see more in the near future. Two are about to break ground,” Romero said during a February interview. “Those that are coming in (including some underway) are quality projects, not traditional senior living that’s just a box with no character.”

The facilities tend to have an upgraded quality of construction, more luxurious creature comforts and when included, a higher caliber of medical care. While a range of pricing is available to consumers looking at units along Paseo, the newer housing tends to be more costly. Research has shown Paseoarea income levels can support the proliferation of higher end developments. Incomes in nearby neighborhoods, such as North Albuquerque Acres and Sandia Heights, are some of the highest in the metro.

To date, most Overture residents are coming from within an 8-mile radius of the complex, seeking a social, active lifestyle that’s maintenance free but still in their stomping grounds. Overture’s apartments range in size from 598 square feet to 1,373 square feet, priced from $1,260 to $3,045 per month. Cost includes home maintenance and 12,000 square feet of indoor and outdoor amenity space, such as art and yoga studios, a movie room and swimming pool. “Our 55+ Overture lifestyle is uniquely designed for the preferences and wants of today’s active seniors who value social connectivity, and personal wellbeing while remaining fully engaged in life,” said Robin Craig, Greystar Senior Director of U.S. Strategic Property Marketing. Craig said oversaturation of the market is not a concern because Greystar believes Overture serves a different kind of customer than other senior living facilities along Paseo.

Morningstar Assisted Living & Memory Care, for example, targets seniors at a more limited stage of life. The two-story facility near Barstow and Paseo opened in 2015, offering significant medical support to residents. However, those costs are add-ons. To live there without any assistance starts at $4,540 per month for about 390 square feet – if you can get a room. Morningstar retained almost 98 percent occupancy throughout 2019 and often has a waiting list.

“A lot of residents (about 30 percent) are moving from different states because their kids live here, but it’s a good variety,” said Maxine Sloan, director of Morningstar’s community relations. “We may not always be the right fit, the right price, so I try to be an advocate for the individual and find a good match.”

Just steps to the east of Morningstar is the 12-year-old, 118-unit Paloma Landing, now considered a pioneer for senior living along the corridor. It is managed by Hawthorn Senior Living, a national company that oversees about 75 properties between the U.S. and Canada. The three-story facility prides itself on being a more affordable, “gracious retirement community,” distinguished by the 24-7 presence of onsite managers.

“Our mangers eat the same food, participate in the same activities, participate in the same housekeeping program. So, everything our residents are expected to live with, our managers live with. This is not something seen in other senior living facilities,” said Adam Bryan, director of sales and marketing for Hawthorn Senior Living.

Though Paloma Landing does not offer intensive onsite medical care, it does have home health and therapy providers who can assist with some basics of daily living, such as dispensing medication, bathing or grooming. It also provides an emergency call system that onsite managers respond to at all hours, ensuring residents receive immediate medical care and that families are notified.

Costs start at $2,345 for about 400 square feet. “We’re pretty budget

friendly,” Bryan said. “Cost includes all food, activities, transportation to doctors, onsite managers; the only expense you have is the telephone.” Paloma Landing occupancy averages 95 percent or better and is doing all it can to maintain that number as competition encroaches. The property recently completed a facelift that includes new paint, artwork, carpeting, furniture, fixtures and equipment.

Colliers’ Romero said he doesn’t think any of the Paseo developments should be concerned about market saturation, that demand still exceeds supply, even with the growth. “Demographically, the baby boomers are now going to sunset, and that number is multiplying every year exponentially, and we still lack the housing that fits their lifestyle,” he said.

Other senior living facilities along the corridor are Amaran Senior Living, which has 72 units under construction in a multi-story complex near Paseo and Eubank, and the 60+ unit North Ridge Alzheimer’s Special Care Center near the Barstow intersection. Neither responded to repeated requests for an interview.

Tips on Selecting Senior Living Housing • Never make your decision based on a brochure alone. Tour the complex. Best case, make an unannounced visit to the facility and see how you are treated. • Cost should never be your first question. Initial considerations should be whether the facility solves a current or anticipated problem – reduced home maintenance, regular medical care, or social activities to combat loneliness, for example. • Ask yourself how the location makes you feel. Your emotional response to the appearance, people, smells, sounds, activity level, etc., is equally important as facts provided to you about the amenities and care provided. • Try the food. Can you eat what is served 365 days a year? • Talk with staff, including housekeeping, and ask yourself if that person is someone you wouldn’t mind having come into your living space on a regular basis. Source: Adam Bryan, director of sales and marketing for Hawthorn Senior Living

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