Upscale Senior Living Community Coming to Suburban Philadelphia
- Feb 01, 2019
A joint venture involving South Bay Partners and LAMB Properties is developing Sage at Mattison Estates, a high-end senior living community focusing on holistic aging. Located on roughly 8 acres in Upper Dublin, Pa., the four-story asset will feature 156 independent living, 62 assisted living and 32 memory care units, as well as structured parking.
“We believe there is tremendous demand for upscale, amenity-rich rental senior housing in suburban in-fill locations”, said South Bay Partners’ Chief Investment Officer Joel Sherman, in prepared remarks. The community will offer an active, engaged lifestyle to the seniors of Upper Dublin Township and neighboring communities.”
Shopping, Dining Nearby
Sage at Mattison Estates will include a number of amenities and community spaces, including an indoor pool, fitness center, yoga studio, several bar and lounge areas, two theaters, outdoor garden, dog wash and dog run, art studio, multiple indoor and outdoor dining venues and courtyard areas with barbecue grills, fire pits, seating areas, a putting green, etc. Residents will be able to conveniently access retail shops and dining venues in downtown Ambler and Spring House Village, which are within 2.5 miles of Sage at Mattison Estates.
Scheduled for completion in spring 2021, Sage at Mattison Estates will start pre-leasing in the spring of 2020. SageLife will manage the community.
Senior Housing Demand Meets Supply
A recent report from the National Investment Center for Seniors Housing & Care (NIC) shows that the overall occupancy rate for senior housing in the United States during the fourth quarter of 2018 was steady at 88 percent, inching up only 10 basis points from the previous quarter, but this was the first time in three consecutive years that supply met the demand.
Despite a 70-basis-point decrease from a year ago, NIC reported that the current occupancy of 88 percent is 220 basis points below its peak of 90.2 percent in the fourth quarter of 2014.
Rendering courtesy of South Bay Partners