Assisted Living Real Estate

[Eli Epstein]

I am writing to see who has experience in elderly assisted living.  I am part of a team that builds new homes in New Jersey and Philadelphia and I am looking into the possibility of building or renovating homes to be assisted living facilities.  We are currently planning on building a 55 and older community and I think putting an assisted living home in the development would be a good idea.  I took a RAL Academy course in the past, which teaches you how to run residential assisted living homes and this seems like a golden opportunity, especially with demand being extremely high with the aging population.  I am curious if anyone has experience in this space and would be willing to discuss their experience?

Thank you,

Eli

[Eli Epstein]

@Curt Smith thank you for responding and I appreciate the info you provided.  I think I would be looking to build smaller scale assisted living homes, say 8-12 residents. Picture ranch style home with private or semi-private rooms.

With regard to COVID, I think these would be more desirable and less of a risk compared to big box facilities where there are 100+ residents and staff coming in and out of the facilities on a daily basis.  

The state and town regulations do vary greatly for these types of facilities, but I do think there is a huge opportunity to capitalize on this growing business model.  I would prefer not to be the operator of the business, but rather stay on the real estate side of things, either through selling or leasing to the operators.