ZOM Senior Living is strategically positioning itself to cater to the needs of older adults as the company embarks on a period of growth following the successful completion of its first luxury housing communities over the past year.
Primarily known for its multifamily development, ZOM Living ventured into the senior housing vertical in 2018 and achieved its first milestone with the completion of Wellington Bay in September 2022. The company has also completed the Watermark Coral Gables and Watermark West Palm Beach communities through a partnership with Watermark Retirement.
Stephen Ordway, ZOM Living’s SVP of senior housing, revealed that the company is currently in the entitlement process for another full continuum community in the mid-Atlantic region, while also exploring active adult opportunities. The focus on the active adult segment and pursuit of related endeavors reflect the company’s efforts in diversifying its offerings in the senior housing market.
With all three operational communities situated in southern Florida, ZOM Living is strategically positioned for future growth, taking advantage of the migration patterns of seniors relocating to Florida, Texas, and Arizona. According to Ordway, the Covid pandemic has further accelerated this trend, making the company’s position even more favorable.
Despite the challenges posed by the pandemic, ZOM Senior Living is witnessing a robust and growing market, with strong demand and increased occupancy across the country. Looking ahead, Ordway anticipates a return to pre-Covid occupancy levels by 2024, driven by limited construction starts in 2023 and the underlying strength and resilience of the sector.
Ordway also acknowledged the softness in the transaction market, emphasizing the importance of holding onto assets in the current market conditions. In light of this, ZOM Living is adapting to the evolving market dynamics to ensure its continued success and sustainability.
Furthermore, despite the impact of increased mortgage rates on the housing market, ZOM Living’s Wellington Bay surprisingly saw minimal effects on its independent living segment upon opening. The community, developed in partnership with Liberty Senior Living, experienced strong demand and surpassed move-in expectations, reflecting its unique appeal to older adults.
Looking to the future, ZOM Living is poised to kick off future development starts in 2025, with a focus on maintaining strong relationships with operating partners and adapting its product line to meet the evolving needs of the next generation of seniors.
