CHARLOTTE, N.C. — North Carolina-based multifamily development company Madison Communities has announced plans to expand into the seniors housing sector.
The firm’s new platform will focus on the ground-up development of communities in the Sunbelt, with an emphasis on luxury.
“Seniors housing is a natural extension of what we do well — designing and building exceptional communities,” says Ryan Hanks, CEO of Madison Communities. “Demand is accelerating while new construction has nearly stalled.”
Matthew Griffin has joined the company as executive managing director of development and will lead the senior living initiative.
“The opportunity isn’t simply that more seniors will need housing,” says Griffin. “It’s the combination of accelerating demand, a depleted pipeline and the years it takes to add new inventory. “Well-capitalized sponsors who choose durable markets, control development risk and hold operators to disciplined governance are well positioned.”
Madison Communities, a subsidiary of Madison Capital Group, currently has a portfolio of 35 multifamily communities, including seven that are currently under development.