Senior housing is aging well in the Denver area, but there is a bit of oversupply in the sector, keeping it from going through another growth spurt.
“I think we are going to have a very strong 2018 for senior housing in Denver,” said Pamela Pyms, managing director for the Denver office of Blueprint Healthcare Real Estate Advisors.
Pyms will present an investment recap and forecast at the 2018 Senior Housing & Care conference April 17.
The conference, sponsored by the Colorado Real Estate Journal, will start at noon and end at 4:45 p.m. at Hyatt Regency Aurora-Denver Conference Center. It is expected to draw more than 350, making it the largest senior housing conference this year in the Rocky Mountain region.
The Denver office of Blueprint Healthcare Real Estate Advisors last year sold the former Shalom Park Senior Living Campus for $16 million. It was renamed as V-Esprit following the sale.
The senior housing conference will immediately follow the Health Care & Medical Office Building conference, also sponsored by CREJ.
Pyms, who cut her teeth in the senior housing sector as a broker at Fuller Real Estate, Cassidy Turley and at her own firm, Pyms Capital Resources LLC, before merging her company last year, said the Denver-area senior housing market is softened just a bit.
It has become so attractive to senior housing because of its strong demographics and seniors wanting to be close to their grandchildren that it led to a bit of a construction boom following the Great Recession.
“Denver is still a strong market, but occupancy rates (at independent living and active senior housing communities) have dropped a little bit,” Pyms said.
“The market used to be at a 92 percent occupancy rate and now it is around 88 percent, although I think it is going to come back,” as not as much new supply is being added to the market, she said.
Pamela Pyms
She said cap rates have risen a bit on senior housing acquisitions, in part because of rising interest rates and partly because there is more senior housing supply on the market than a few years ago.
“I have seen a little bit of a discrepancy between sellers’ expectations and what the market is willing to pay, but I would say it is still a very strong market,” she said.
Brokers, lawyers, architects, developers and owners will be among those speaking at the CREJ senior housing conference.
Topics will include:
- Succeeding in Memory Care Operations in Our Competitive Environment,
- Industry Challenges and Future Outlook,
- Design and Construction,
- Finance and
- Development and Investment Strategies.
In addition to Pyms, other panel members, speakers and moderators will include:
- Kevin Peters, a partner at Husch Blackwell LLP;
- Laura Landwirth, president and CEO, Leading Age Colorado;
- Elisabeth Borden, principal, the Highland Group Inc.;
- Megan Carnarius, principal, Memory Care Consulting LLC;
- Adam Kaplan, founder and CEO, Solera Senior Living;
- Nancy Schwalm, chief business development office, Vivage Senior Living;
- Jayne Keller, vice president of operations, Cappella Living Solutions;
- Thomas Finley, principal Ascent Living Communities;
- James Parker, chief operating officer, MorningStar Senior Living;
- Gary Prager, principal Hord Coplan Macht;
- Dan Feagans, project director, Brinkmann Constructors;
- Jonathan Sims, Lantz-Boggio Architects & Interior Designs;
- Jamie S. Mohlenkamp, principal, OZ Architecture;
- Jessica Johnson, senior vice president, BOK Financial Healthcare Banking;
- Rob McAdams, vice president, Lancaster Pollard;
- Monique Bimler, senior mortgage banker, KeyBank;
- Eric Muniz, senior vice president, CoBiz Financial;
- Daniel L. Bray, partner, Husch Blackwell LLP;
- Craig Erickson, executive director, Wind Crest;
- Matthew T. Turner, managing partner, MorningStar Senior Living;
- Susan J. Barlow, co-founder and managing partner, Blue Moon Capital Partners LP;
- Michael Schonbrun, founder and CEO, Balfour Senior Living;
- Ray Osborn, president of Cherrywood Pointe and executive vice president, United Properties; and
- Jill Nelson, special counsel, Husch Blackwell LLP.
