With a portfolio split between affordable housing and senior living, Rogerson Communities is expanding its presence throughout the Boston metropolitan area.
Despite facing challenges and pressures growing, especially with regard to new development, the Boston-based operator sees it as the only solution for a shortfall of units for the baby boomers.
“If you’re acquiring something that’s already senior living or already affordable housing, you’re not solving the problem of there being a shortage of affordable housing and senior living facilities or communities,” CEO Walter Ramos told Senior Housing News.
The company named Michael Quirk as COO with a start date of Dec. 1. With a new leader about to join the executive suite, the operator is preparing for a wave of new growth by building an additional 1,000 units within the next five years. Quirk is bringing 15 years of senior living experience across Massachusetts with him to the position, and Ramos sees his addition as a “great step forward” for the company.
To meet its development goal, Rogerson is completing additions to its existing communities and buildings, alongside new development on land it already owns. Its flagship community, Rogerson House, will add 33 memory care beds and 41 affordable housing units.
“If you’re developing affordable housing, being able to develop on your own land makes that project far more viable than trying to buy land, especially for example, in the city of Boston,” Ramos said. “We’re taking the opportunity to not only provide memory care beds … but also attacking the challenge of providing and creating new affordable housing units for older adults.”
By expanding senior housing options, the organization is fulfilling the mission its founders laid out almost 165 years ago in 1860, according to Ramos. The company is exploring both acquisition and new development in the state of Massachusetts in the next five years.
Rogerson is also looking to start projects as soon as possible due to how long they take to complete. While the industry average has increased to around 29 months, according to the National Investment Center for Seniors Housing and Care, Ramos said Rogerson’s developments could take up to five years to complete, in part because of the complications of zoning, approvals and construction costs in the Boston metro.
Despite those challenges, Ramos is determined to push forward.
“We know we have to have more units built, or there will be a crisis of older adults who do not have a place that they can live and a place that they can afford,” he said.
All told, between senior living communities, affordable housing and programming such as adult day health programs and fitness programs, Rogerson has around 30 offerings for residents and participants. Its affordable housing communities range between 98% and 100% occupancy, and its senior living operators range between 93% and 95% at all times.
“This is a really important time for Rogerson and everyone that’s in the senior living space,” Ramos said. “The demographics being what they are mean that we have a big challenge ahead of us.”
The post Rogerson Communities to Add 1,000 Senior Living Units in Next 5 Years to Meet Growing Demand appeared first on Senior Housing News.
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