Resthaven has broken ground on The Farmstead, a mixed residence senior living campus located at 875 E 24th St. in Holland, Mich. The community will feature a mixture of single-family homes, duplexes and multifamily apartment buildings. The community is valued at $72.5 million, according to MLive. THW Design and EV Construction are designing and building the development, respectively. The community is almost fully leased. Planning of the community began in 2019, with construction expected to be completed in 2024.
READ ALSO: 4.3 Million New Apartments Needed by 2035
The development will be constructed on a 40-acre lot of former farmlands, and will host a mixture of independent, assisted living and memory care facilities. Amenities for the community include a group dining room, clubhouse, walking and biking trails and a fitness center. The development will be situated within 2 miles of downtown Holland, and is within 25 miles of Grand Rapids.
Senior living’s stable growth
“Seniors want to live independently for as long as possible but have access to excellent care should they need it. We’ve designed The Farmstead to serve seniors even as their physical needs change by making the units no-step and wheelchair friendly. Should cognitive or more advanced clinical needs arise, having on-site Assisted Living Memory Care and access to skilled care and services is important,” Deedre Vriesman, president & CEO of Resthaven, told Multi-Housing News.
The planning of The Farmstead takes place as the nation’s senior housing sector sees marginal increases in rental rates, construction and investment. One survey of investors from JLL from the first quarter of 2022 showed that 80 percent of respondents believe that in the context of increasing long-term demand and growing investor interest, the sector is poised for stable, healthy growth, with a recovery set to reach pre-pandemic levels of investment, while the nation’s number of senior citizens is expected to nearly double by 2029.