DALLAS, Texas, Jan. 7, 2020 — A new Dallas real estate company plans to grow its footprint in the senior housing arena.
Journey Capital’s new real estate development company was set up by principals Anand Patel and Narayan Patel.
The company plans to start four new residential communities in 2020.
"Hospitality is in our DNA," Anand Patel said in a statement. "We take great pride in guest service, and we wanted to bring that passion into a new space.
“Senior housing is a natural fit, but we think the industry needs to evolve to meet its potential,” he said. “Our goal is to build senior living brands that are as sought after as the most trusted names in hospitality."
Journey Capital has already built two seniors projects — the Grandview of Chisholm Trail in Fort Worth and Harvest of Roanoke. The assisted living and memory care community in Roanoke will open this summer. The company founders say they are working on multiple new projects in Texas and outside the state.
Almost 20% of the U.S. population will be 65 or older by the end of the decade. "We're approaching what the U.S. Census Bureau calls a transformative decade as the last of the Baby Boomers reach retirement," Narayan Patel said. "The demand for senior housing is growing, and the investments will follow.
“According to our research, our clientele wants a guest- centered model akin to what they might experience in a great hotel,” he said. “That’s exactly what we’re going to offer, and more."
He said the company is currently looking to develop senior housing communities in Aledo and Saginaw - both of which are both pending city approvals. “Meanwhile, we are exploring other areas throughout the greater DFW Market.”