A $5 million renovation of Ridgmar Place in Fort Worth is scheduled to be completed by the end of March, according to a Texas Department of Licensing and Regulation filing.
The 230,698-square-foot project involves replacing exterior stucco, weather barriers, and windows. Goleski Architectural Design of Carrollton is listed as the design firm on the filing.
Ridgmar provides independent and assisted living at its apartment community on Green Oaks Road. Managed by Pegasus Senior Living of Dallas, Ridgmar has 10 floor plans, offers fitness programs and other activities, such as day trips, and serves daily meals.
Separately, in February, Austin developer Bonner Carrington is scheduled to start construction of a $65 million senior-living community in Saginaw, a suburb of Fort Worth, The Dallas Express reported. It comes at a time when increased demand from Baby Boomers and growing interest in senior housing are driving the market, Grand View Research reports.
“Active adult communities have gained tremendous market appeal from investors, which is believed to be one of the most opportunistic investments in recent years,” a market analysis from 2017-2021 from Grand View Research shows. “According to a recent senior housing (and) care investor survey, around 22% of respondents believed active adult communities as a profitable investment and the hottest selling property in the senior housing market.”
According to the same report, that market was valued at $588 billion in 2022 and is expected to increase at a compound annual growth rate of 4% through 2030. Furthermore, according to mid-year estimates by the U.S. Census Bureau, the majority of Baby Boomers have reached age 65 and by 2030, the remainder will also reach age 65, accounting for about 21% of the U.S. population.
