By Beth Mattson-Teig Real estate investment trusts (REITs) have their foot firmly on the gas when it comes to acquiring seniors housing assets, and they’re taking full advantage of the opportunity to buy at below replacement cost. The appetite to grow portfolios, particularly on the private pay side of independent living, assisted living and memory care, comes as no surprise given the combined tailwinds of growing consumer demand and a slowdown in new supply. While the aging population has led to accelerating demand, the high cost of development has forced a sharp pullback in new deliveries. Between now and 2035, the 85-plus population is expected to grow nearly 60 percent, increasing from approximately 7 million to more than 11 million. At the same time, developers are tapping the brakes on new projects. In the first quarter of 2025, seniors housing construction starts in 31 primary markets tracked by NIC MAP totaled 1,076 units for properties that are a majority independent living or majority assisted living, the lowest count since 2009. “Frankly, investors have been waiting for this boomer generation to hit and start to move into seniors housing for some time. It’s been anticipated, and it’s now actually starting to …
