Luxury Senior Housing Launches in San Fran

Belmont Village San Ramon has opened under the Belmont Village Senior Living brand, marking the developer’s fifth development in the San Francisco Bay Area and 16th in the state. The 177-unit community, located at 1000 Walnut Dr. in the Bishop Ranch neighborhood, was created in partnership with Sunset Development to serve seniors with assisted living, independent living and memory care homes.

This project marks the second residential community set in Bishop Ranch, an area developed by Sunset Development, and the only one that offers senior living. The community initially broke ground two years ago with construction financing arranged by CBRE National Senior Housing.

“Adding Belmont Village to Bishop Ranch marks a significant milestone in the area’s development,” Alex Mehran, Jr., president and CEO of Sunset Development, told Multi-Housing News. “San Ramon is increasingly becoming a top choice for seniors looking for a blend of luxury, tranquility, and convenience. The community’s growth and the addition of Belmont Village highlight how the area is transforming into a prime destination for individuals seeking a sophisticated lifestyle close to the vibrant Bay Area.”

Belmont Village San Ramon delivers health and wellness using a proprietary, evidence-based approach called “Circle of Friends.” The program enhances cognitive strength and enriches daily life, including 24/7 service from licensed nurses.

The community features studio, one- and two-bedroom layouts. Amenities include a fitness center, screening room, sports lounge, arts studio, full-service salon, swimming pool, garden, yoga lawn, dog park and bocce ball and putting greens, as well as other outdoor green spaces. Professional trainers and group fitness classes are available.

Residents are nearby the City Center Bishop Ranch, an entertainment destination in Bishop Ranch. Other dining, retail and entertainment options are reachable via walking paths around the community.

Bishop Ranch also features a 10 million-square-foot office campus, home to more than 30,000 employees and a mix of more than 600 businesses. The walkable downtown hosts frequent art and music events as well as a farmers market.

Seniors housing’s high demand

Nationally, senior care housing is in great demand. And in many areas, developers are unable to keep up with it.

After weathering a period of oversupply, senior housing tailwinds are stronger than ever, as reported by Cushman & Wakefield. Supply growth must increase by 35,000 to 45,000 units per year to meet market demand at peak levels to meet the ongoing demand. Yet, the highest number of units delivered in a year was 34,000, with only 14,000 units delivered over the trailing 12-month period.

According to JLL’s February 2024 Senior Housing Investor Survey, older populations are projected to grow faster than any other age cohort in the nation over the next 10 years as Baby Boomers continue to age. And more than 10,000 people turn 65 years old every day in the U.S., according to the U.S. Department of Health & Human Services.

The national 80+ population is expected to expand by nearly 50 percent—from 13.9 million to 20.8 million—in the next decade. This underscores the enormous surge of pending demand for additional senior housing and nursing care facilities.