Senior Housing Redefined
Recognizing the oncoming wave of the largest demographic cohort in US history, in 2012 Greystar decided to enter senior housing at the most independent point of the continuum. Prior to this time, most active adult product was either 55+ new homes for sale in large sprawling communities or affordable housing. The company saw the opportunity to leverage our national development, management, and investment scale to add this new style of rental age-qualified housing to our conventional multi-family and student housing business lines.
Today, Greystar is the largest developer and manager of active adult apartment homes in the US. These purpose-built communities are filling a void for the growing 55+ demographic by offering a quality, customer-oriented living experience for the specific needs of Baby Boomers. Unlike full-service independent living communities with mandatory meal programs and other required services, Greystar active adult apartment homes enable residents to live a maintenance-free, “lock-and-leave” lifestyle with the added advantage of à la carte services when and how they want them. Services combine with social engagement opportunities to enable residents to stay connected, meet new friends, and engage in all life has to offer.
The Greystar active adult platform has multiple brands that cater to different target customers. The Overture and Everleigh brands are “up-market,” offering a product that is tailored to the more affluent consumer in service-rich, mixed-use locations. The mid-market Destinations communities are focused on providing a more value-oriented, attainable option. Brand differentiation is driven by psychographic analysis and focus groups and includes changes in physical product, services, and programming. This segmented approach allows Greystar to penetrate multiple demand pools in each market, which leads to a scale advantage and diversified business.
Greystar active adult communities provide residents much more than what is found in conventional multifamily. As such, our communities are able to command a rent premium for the enhanced services, programming, and socialization offered. While the rent premium is slightly more than conventional apartments, this approach still offers a substantial discount to traditional independent living. Many of our residents have decided to right-size from a single-family home and/or relocate to be closer to their adult children and grandchildren.
Across our active adult platform, resident retention, resident and satisfaction, and team member engagement are consistently ranked among the highest within the Greystar’s global portfolio as well as within our senior housing industry peers.