The 130,327-square-foot McDermott Park senior community has 144 units in two buildings.
PLANO, TX—Last year, Plano was named fifth best place to retire by Livability. So it's no surprise that quality senior housing is needed given the aging population and the area's desirability for seniors.
Active adult community McDermott Park Senior Living offers this type of living experience with upgraded amenities. It also marks the 15th project KWA Construction has built for Seneca Investments.
“With its reputation for being family-friendly, safe and ranked among the best suburbs to live, Plano is attracting seniors who wish to live closer to their children and grandchildren. From a beauty salon to a lavish ballroom, McDermott Park Senior Living will provide seniors with luxurious housing and a maintenance-free lifestyle so they can spend more time doing what they love,” said Brian Webster, president of KWA Construction.
Located at 8312 Angels Dr. in North Plano, just south of Sam Rayburn Tollway, the 130,327-square-foot apartment community has a total of 144 units across its two buildings. Residents will have full access to amenities including a heated saltwater pool, fitness center, computer center, theater, coffee bar and lounge areas. The one-, two- and three-bedroom floor plans will feature stainless steel appliances, granite countertops, custom 9- and 12-foot ceilings with private patios and sunrooms in select units.
“Due to more and more seniors selling their homes and seeking retirement communities, McDermott Park offers amenities that are untouched by competitors,” Webster tells GlobeSt.com. “This includes a full-service beauty salon, saltwater pool and high-end finishes that allow for easier days for our loved ones.”
Property management firm Portico was selected as the leasing team. Portico Property Management currently leases more than 7,300 units throughout 33 US communities.
According to a survey by JLL, respondents indicated unleveraged yield rate requirements lower across sectors for class A-plus senior housing product with the exception of entry-fee continuing care retirement communities and nursing care.
Across sectors, respondents expressed confidence that despite industry headwinds rents will rise during the next 12 months. But with challenges in attracting talent and the rising cost of retaining staff, respondents showed less conviction in the fundamentals for the labor-intensive subsectors of memory care and skilled nursing.
Overall survey respondents reported longer sales cycles across property types. Respondents reported that expected marketing time for seniors only apartments to be the shortest at six months on average.
Finally, the JLL survey indicates that three-quarters of the respondents believe that seniors only apartments are competitive to a degree with full-service independent living.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
