Singh Combines Multifamily with Senior Housing for Intergenerational Living
In recent years, an increasing number of multifamily real estate developers have entered the senior living space, drawn by the promising demographics and “recession-proof” product. But Singh, a family-owned developer based near Detroit, was ahead of the curve in diversifying into senior living and is now leveraging its capabilities in new ways.
Founded in 1973 with a focus on apartments, Singh started its senior living operating business — Waltonwood Senior Living — in 1987.
“Waltonwood and senior housing have always been part of diversifying our real estate assets,” Singh Project Manager Avi Grewal told Senior Housing News.
It’s a point echoed by Steven Tyshka, director of operations for Waltonwood Senior Living.
“There’s a steep learning curve for competitors that come into the market,” he told SHN. “We have the history and experience and model that is proven.”
Singh’s portfolio includes luxury apartments throughout Oakland and Wayne Counties in Michigan, as well as office and other commercial properties in Michigan and North Carolina, golf clubs and single-family housing developments. Its senior living portfolio consists of 12 operating communities under the Waltonwood banner, in Michigan, Virginia and North Carolina.
The Waltonwood portfolio is expanding, notably through a project taking shape in Cary, North Carolina. There, Singh is creating a mixed-use, intergenerational development that will combine multifamily housing with a senior living community.
‘Not typical to this market’
The Cary project was a long time in the making.
When Singh and Waltonwood established their first community outside of Michigan in 2010, they did so in Cary, a city just west of Raleigh.