In many ways, it’s the best of times for the senior living industry – a housing segment well represented in the greater Wilmington area.
 
“Wilmington is a growing market for senior living; there’s strong demand,” said Pierce Carey, executive director of Porters Neck Village, a nonprofit 55+ continuing care retirement community (CCRC).

He referenced the steady “silver tsunami” of retirement-aged people moving to Southeastern North Carolina as well as the large number of baby boomers looking for long-term housing options.
 
There are headwinds, however. Rising labor costs and stiff competition for skilled nursing staff, along with higher costs for everything else, make pricing tricky. Residents of CCRCs with an upfront fee appear to see less volatility in their monthly charges. Residents of rental-plan CCRCs can potentially see monthly upticks more often.
 
Another headwind for consumers, but a boon for investors: While market demand nationwide is strong, supply remains a challenge, said Aaron Rulnick, co-leader of the investment banking team at financial services firm HJ Sims.
 
“Given the current demographics, with the first baby boomers turning 80 in 2026, and the lowest amount of new construction of senior housing in the past 20 years, there is a significant gap in the available supply relative to the demand for senior housing,” he said recently. “Right now, senior housing is among the highest performers in its asset class.”
 
Why the construction slowdown? Rulnick said rising wage rates, higher interest rates and higher construction costs make it harder for construction of new senior living facilities to make financial sense.
 
But with high occupancy across all levels of care – independent living, assisted living, memory care and skilled nursing care – “The acquisition market is very active, with senior housing assets selling at high prices,” he added.
 
Rulnick noted that when a REIT (Real Estate Investment Trust) acquires a CCRC, it often brings in a preferred operator. Other local measures reflect a time of change for the industry.
 
Cambridge Village, a 222-unit independent-living-only community, was recently sold, along with its sister communities in Apex and Raleigh, to affiliates of Starwood Capital Group. The transaction included selecting Solera Senior Living as the communities’ operator.
 
Cambridge Village Wilmington residents should experience no changes, said Cambridge Village executive director Dara Newberry.
 
Earlier this year, Ventas, a REIT, acquired Arbor Landing at Hampstead and Arbor Landing at Ocean Isle as part of its expanding senior living portfolio. Atria Senior Living, one of Ventas’ preferred operators, replaced former manager Ridge Care and rebranded the two communities as Atria Hampstead and Atria Ocean Isle.
 
“Both buildings are great communities with remarkable staffs that take really good care of residents,” said Brian McGuire, senior vice president for Kentucky-based Atria’s East Division, in a recent interview.
 
Atria Senior Living touts three areas in which it differentiates itself, according to McGuire: quality enhancement, with a goal of operating its facilities above industry standards; engaged life programming, including social events and themed food events; and emergency preparedness.
 
Change has also come to Carolina Bay at Autumn Hall and its affiliate Bradley Creek at Carolina Bay. Until recently, Wilmington-based Liberty Senior Living managed both. But as of Oct. 1, the new management firm is Cogir, a senior living management company based in Scottsdale, Arizona. The transfer came with a name change: The properties are now Carolina Bay at Autumn Hall by Cogir and Bradley Creek at Carolina Bay by Cogir.
 
“This was a change of management company only, and Carolina Bay was not acquired or purchased by Cogir Senior Living,” Dean Dellaria, director of marketing for Liberty Senior Living, said in an email. The statement continued, “Liberty Senior Living is proud to continue providing exceptional independent living, assisted living and memory care services at Brightmore of Wilmington, which has been a trusted senior living community that has served the Wilmington area since 1989, and at Inspire Brunswick Forest located in Leland.”
 
In recent years, Liberty Senior Living built Inspire Brunswick Forest, a 55+ community of 151 apartment homes and 23 cottages.
 
For-profit entities own Cambridge Village, the two Atria communities and Liberty Senior Living communities and operate on a rental model. Porters Neck Village operates on a different model: It is a nonprofit CCRC whose residents pay an upfront fee, up to 90% of which, depending on the chosen plan, can be refunded to the resident’s heirs. Residents also pay a monthly fee.
 
The community opened in 1988 and has been managed since its inception by Iowa-based Life Care Services (LCS). Porters Neck Village currently has more than 200 units. A second expansion, adding 67 new units, is scheduled to open mid-2027.
 
“We’ve sold more than 90% of this expansion,” said Carey, the executive director.
 
PNV, as it’s known, has the acreage and the demand to add capacity.
 
“We’re starting to develop our next 10-year plan, which will include a third expansion,” said Susanne DelGrosso, director of administrative services.
 
“Given the supply/demand imbalance, we are seeing strong occupancy for both rental and entrance fee communities for both for-profit and not-for-profit owners,” HJ Sims’ Rulnick said. “You need to have the right product, in the right market, that is priced right.”
 
The right product includes the key element of choice.
 
“The baby boomers want choice and are a more demanding consumer than the prior cohorts,” Rulnick said. “This is not just in terms of the amenities and dining options that are available, but also the quality and breadth of programming that is offered.”