Senior housing properties provide both housing and services to seniors. It is a niche property type that has moved into the mainstream of real estate investing in recent years.The main categories of senior housing include independent living, assisted living, memory care, skilled nursing facilities and campuses.
1. Independent Living: It is designed for seniors requiring little or no assistance. These properties often cater to healthy, active senior with an emphasis on hospitality-style services and features.
2. Assisted Living: These are licensed facilities that combine housing with a variety of support services and health-care assistance. These cater to seniors that are not fully independent, and either want or need extra services related to medical care or chores such as transportation, meals and laundry.
3. Memory care: These are properties serving seniors and non-senior who are either in need of a high level of care on a short-term basis such as during recovery from a major surgery/injury, or long-term memory impairment that makes it unsafe for them to continue to live at home or with a family member. These special care units often provide 24-hour supervised care within a separate wing or floor of an assisted living facility.
4. Skilled Nursing: These properties generally provide licensed, 24-hour skilled care for chronic and short-term conditions that require more intensive or specialized medical and nursing care.
5. Campuses: Senior properties can be constructed as stand-alone or adjoining facilities, as well as campus-style continuing care retirement communities (CCRCs). CCRCs offer a tiered approach to the aging process as they allow residents to move from one type of facility to another in the same location as their level of care needs change.