Austin multifamily developer Bonner Carrington is planning to build a $60.5 million senior-living community in Saginaw, according to a Texas Department of Licensing and Regulation filing.
Winsome Living at Beltmill is expected to include 258 apartments and cottages designed for people 55 and older, according to the developer’s website.
Construction is scheduled to begin in February on the project located at Beltmill Parkway and Millstone Road. A delivery date for the Tarrant County development is slated for February 2025.
The new senior-living development comes at a time when the 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. Moreover, these properties are specially marketed to younger seniors (55+) and are categorized as a form of lifestyle senior housing,” the analysis continued.
According to the same report, that market was valued at $588 billion in 2022 and expected to increase at a compound annual growth rate of 4% through until 2030. Furthermore, according to mid-year estimates by the U.S. Census Bureau, the majority of Baby Boomers have turned 65 years and by 2030, the remainder will also reach age 65, accounting for about 21% of the U.S. population.
Arrive Architecture Group of Bedford is listed as the design firm for the new Saginaw senior-living community. According to Arrive’s website, the firm has designed apartments and senior-living communities in North Texas in places such as North Richland Hills, Cedar Hill, Flower Mound, Aledo, Fort Worth, Denton, Mansfield and Princeton.