ARA Taps into High-Growth Seniors Housing Market with New Division

By Anuradha Kher, Online News EditorDallas–Atlanta-headquartered Apartment Realty Advisors recently launched its National Seniors Housing Group, which will be based in Dallas.“We looked at research on the long-term outlook for this market and realized that it has tremendous growth potential,” Brian O’Boyle, ARA principal and partner in the seniors housing group, tells MHN. “We believe this market is underserved. Our clients, especially our institutional clients, have repeatedly told us that their investment criterion has shifted to include more seniors housing product.” The group has seven employees, four of whom have prior experience in the seniors housing industry. They include Ryan Maconachy (pictured) and Ed LaFrance, both of whom will be responsible for sourcing and executing seniors housing transactions and overseeing the day-to-day business needs and goals of the group.“Our focus will be nationwide and we will leverage local talent through people in our 16 regional offices,” says Boyle.According to Jeff Pritchard, also a partner in the Seniors Group, “We will provide site selection and acquisition; due diligence; new construction and presales in addition to research and traditional brokerage services.”The seniors housing market emerged in the 1990s as aging baby boomers spawned unprecedented growth and demand for seniors apartments, independent living centers, assisted living centers and nursing care facilities. It is now characterized as the sixth major commercial real estate asset class.The group’s first closing is anticipated in July this year.According to Gary Kachadurian, ARA chairman, “We’ve identified opportunities to extend our brokerage service delivery beyond conventional multihousing product. Our approach is to study the market, research the talent and build a team comprised of the industry’s best and brightest.”