Maple Springs of Anchorage will represent the company’s foray into assisted living and memory care
completed in 2021.
Changing demographics will shape Alaska’s future economy.
Compared to other states, Alaska’s population growth rate is not exceptionally high, and the overall demographic is generally younger. However, the growth rate for the senior segment of the population (those 65 and older) is expected to far outpace the national average (139% versus 81% growth). In 2018, Alaska’s senior population grew more than 5%, while the under-18 and 18-64 age groups each declined 0.9%.
For many years, Alaska’s senior housing market has struggled to meet the needs of its older residents, especially in areas outside of Anchorage. Currently, there is a limited supply of investment-grade assisted living facilities, with care and housing rates nearly 50% higher than those in the Lower 48. In light of this, and given that Alaska’s senior population is expected to more than double from 2009 to 2034, CIRI has identified the assisted living and memory care sector as a potential investment opportunity.
“Studies show that two-thirds of seniors will ultimately need some form of long-term care,” said CIRI Real Estate Manager Kiya Irwin. “As Alaska’s population ages, high-quality assisted living opportunities will become increasingly important for health care.”
While most seniors prefer to remain in their own homes, the worsening of a condition, a fall, death of a spouse or partner, or even a desire for increased socialization can trigger the need for care at an assisted living facility.
As they begin to play an increasingly important role in the communities in which they operate, investing in assisted living is one of the best bets for real estate investment. More than just a promising business opportunity, such developments provide security, socialization and support for older adults well into their golden years.
“Investments into growth areas are an important part of CIRI’s business strategy,” CIRI Chief Operating Officer Chad Nugent explained. “With local demographic trends outpacing national patterns, CIRI made a decision to develop an assisted living facility in Anchorage. We are certain this will be a successful development.”
The project, Maple Springs of Anchorage, is being built on CIRI-owned land in South Anchorage. Having spent several years searching for the right partner, CIRI ultimately chose Utah-based senior housing developer and operator Maple Springs to construct and operate the 107-unit assisted living and memory care facility. The building is being constructed by Cadence General Contractors. Additional land acreage is available for future expansion as demand strengthens.
The 107,756-square-foot facility will feature high-quality finishes and furniture. Three meals will be prepared by an executive chef and served daily in the restaurant-style dining area. Planned amenities include activity rooms, computer labs, an ice-cream parlor, library, movie theater, and salon and spa.
Preliminary civil work began in October and construction is expected to begin next summer, with substantial completion in early 2021.
Maple Springs has vast experience developing, managing and operating assisted living and memory care facilities. In Alaska, its communities include the newly opened Maple Springs of Wasilla and Maple Springs of Palmer.
“Maple Springs of Anchorage will provide assisted living services in an upscale, home-like community,” Nugent said. “By offering personalized care, first-class service and opportunities for socialization, we look forward to bringing something new to the Anchorage senior housing market.”
As construction commences in summer 2020, more information will become available in the Raven’s Circle and at maplespringsliving.com/anchorage.
