By 2050, the world is expected to have 1.6 billion people aged 65 and older, more than double the number in 2021.
While a recent survey by JLL found a majority of investors aimed to increase their exposure to senior housing in 2025, the housing market currently accommodates only around 5% of the senior populations of Australia, Canada, New Zealand and the United States, according to a recent report by McKinsey & Co.
SRM Development spearheaded Bellara Senior Living, a project in the East Bay city of Hayward, California, in 2024 that seeks to cater to a diverse range of older residents. The project garnered a 2025 CoStar Impact Award for commercial development of the year for the East Bay/Oakland as judged by independent real estate professionals who are familiar with the market.
The project sought to integrate its presence with the surrounding neighborhood and revitalize the area by prioritizing walkability and outdoor spaces.
About the project: Bellara Senior Living is a five-story, 192,204-square-foot building with 127 assisted living units and 30 memory care units in addition to an activity room, bistro, full-service salon, barbershop, wellness room and multiple nurse and exam rooms. Dining areas overlook the city, and the facility has a landscaped courtyard, dog park, outdoor kitchen and Zen Garden. Residents have access to a shuttle service and town car for appointments and errands. The project was financed with taxable bonds and opportunity zone capital.
What the judges said: "Bellara redefined mixed-use development, integrating residential, commercial, and community spaces to create a vibrant, inclusive environment," said Kesava Washington, an economic development specialist for the city of Walnut Creek. "Bellara established itself as a model for modern urban development through its innovative use of technology and strategic marketing."
Rachel Kram, a partner with CP Partners, said: "As demand grows, projects like this are essential for providing vibrant, supportive environments where older adults can thrive."
They made it happen: The team included Ryan Leong at SRM Development, Trevor Ashenbrener of SRM Construction, Chad Lorentz of Urbal Architecture, Abbi Hepworth of AMH Design, Rich DePalma of Landscape Development Inc., Brian Matz of Structural Forte and Oscar Ibarra of Corporate Sign Systems.
CoStar Market Manager Madison Zebrowski contributed.