Investors, developers, and other senior living stakeholders have been watching the senior living
marketplace grow over the past year, a development that has many excited about the future of the
industry. The Massachusetts Assisted Living Facilities Association (Mass-ALFA), the nonprofit association
that supports assisted living in Massachusetts, closely monitors the activity and trends taking place in
the senior living environment. Mass-ALFA Board Member, Robert Noonan explained, “In the past 10
years, we saw very little construction of assisted living product. But we are starting to see that change.
In the past 12-18 months, we have seen a number of projects hitting the marketplace.” Noonan has
been active in the senior living industry since 1987, and has functioned both as an investor as well as
participating as an investment officer at several operating entities.
Noonan attributes the recent growth of the industry to a rebound in the capital markets for
commercial real estate. “The capital markets for commercial real estate have rebounded and in that
vein are cautiously bullish for the senior living industry. In particular, the national REITS are strongly
enthused and have been active investors over the past 24 months,” Noonan explained. “In addition, the
private equity investors have joined the fray and are now actively involved as well.”
Mass-ALFA ‘s President, Emily Meyer said, “Another trend in the assisted living marketplace
is the increase in the number of memory care services and dedicated memory care communities for
residents who can no longer live safely on their own and need additional services.” In response to the
local demand, several new developments serving residents with memory care are being proposed in tow
ns across Massachusetts.