In 2017, Buligo Capital developed an 88-unit senior care facility in Gainesville, Georgia that included 60 assisted living units and 28 memory care units. Situated in a northeast suburb of Atlanta, the site was chosen due to its strong fundamentals including economic expansion, a rapidly growing senior population outpacing facility supply, pertinent local area services that attract an aging population, and a nearby ‘feeder’ master-planned community built for senior citizens.
The project was constructed and developed with best-in-class common area amenities which featured a private dining room, hair salon, wellness center, arts & crafts room, outdoor patio seating, and controlled access to the memory care area. In-unit amenities featured a kitchenette, bathroom, closet space, and furnishings with superior finishes. The project employed an efficient construction and unit layout plan to maximize returns.
The area’s economic and aging demographic expansion, with ‘baby boomers’ growing 45%-50% from 2000 to 2017, made it apt for a new development. The property has easy access to the greater Atlanta region through interstate highways and is near top-ranking healthcare facilities as well as shopping, dining, and recreational options. Management capitalized on the adjacent master-planned neighborhood of over 800 residents aged 55+, who are primed to feed into the senior living community, and the 15,000-member mega church located across the street which has a large senior ministry and which is also active within the facility.
Manor Lake Gainesville was constructed on time and within budget and resident move-ins began in 2019. Once stabilization was achieved, the facility continuously maintained an exceptional occupancy rate of well over 95%. In addition, rental rate growth and effective management had led to strong investor returns once sold in 2023.