Madison Communities Expands Into Senior Housing Development Across the Sunbelt, Names Matthew Griffin to Lead

Madison Communities is expanding into senior housing and age-restricted development with a new platform focused on ground-up, Class A, highly amenitized communities across the Sunbelt, the firm announced Oct. 26 from Charlotte, N.C. The move extends the multifamily real estate developer into a sector the company describes as facing accelerating demand and sharply constrained new construction.

Madison Communities, a subsidiary of Madison Capital Group, also named industry veteran Matthew Griffin as Executive Managing Director of Development to lead the initiative.

Platform Targets Luxury Senior Living and Memory Care

The new platform will develop Class A independent living, assisted living and memory care communities. According to the announcement, the program will target luxury senior living and memory care, with programming built around hospitality-driven amenities and robust social activities. Madison Communities will partner with operators for the communities.

"Senior housing is a natural extension of what we do well: designing and building exceptional communities," said Ryan Hanks, CEO of Madison Communities. "Demand is accelerating while new construction has nearly stalled."

Matthew Griffin Brings 30 Years of Development Experience

Griffin joins the multifamily development firm with more than 30 years of real estate development and executive leadership experience across senior housing, multifamily, active adult and large-scale master-planned communities. He previously held senior leadership roles at Griffin Living, where he oversaw development strategy, land acquisition and entitlements, capital structuring, operator coordination and portfolio performance across California and the Southeast. He has delivered more than $2 billion in development and asset value over his career.

"The opportunity isn't simply that more seniors will need housing," Griffin said. "It's the combination of accelerating demand, a depleted pipeline and the years it takes to add new inventory. Well-capitalized sponsors who choose durable markets, control development risk and hold operators to disciplined governance are well positioned. That's exactly what Madison Communities brings to all of their projects."

Demographics and Constrained Supply Frame the Opportunity

The company said the pandemic effectively shut off the senior housing development pipeline and worsened an existing shortage, even as the core customer base grows. The U.S. population age 80 and older is expected to grow about 5% annually from 2026 through 2030, with occupied-unit demand rising about 4% annually over the same period. The firm said that growth is driven by demographics rather than market-share gains.

New supply has not kept pace. Construction starts have fallen 67% since 2021, units under construction are down roughly 65% since the first quarter of 2019, and the current pipeline equals about 2% of inventory, according to the announcement.

Market data points to a tight operating environment. Senior housing occupancy across the National Investment Center for Seniors Housing & Care's 31 primary markets reached 90.4% in the third quarter of 2026, up from 89.8% in the second quarter. Occupied units rose 0.7% quarter over quarter to 644,428. NIC reported 16,159 senior housing units under construction in the third quarter. Starts fell to approximately 10,000 units in 2025, the lowest level since the period following the 2008 financial crisis, and units under construction in primary and secondary markets dropped below 24,000 in the second quarter, the lowest since mid-2012.

Higher financing costs, labor expenses and limited access to debt and equity capital have reduced development activity. Overall senior housing construction is at a 17-year low, with starts down 85% from peak levels in primary markets and 94% in secondary markets. Although 88,283 senior housing units were planned in 2026, planned units are not equivalent to financed starts or units under construction.

Long Delivery Timelines

A typical senior housing project takes roughly 29 months from groundbreaking to stabilized occupancy, meaning an increase in starts would not materially expand stabilized inventory until late 2028 or later. Sponsors beginning projects now are therefore underwriting demand several years forward.

Madison Communities' Multifamily Track Record

Madison Communities has delivered 28 multifamily communities and more than 7,400 apartment homes. The company said the new platform applies that development, design and construction experience to a sector facing a widening supply gap.

Madison Communities specializes in the development and management of multifamily communities in high-growth markets. It focuses on high-quality, suburban garden-style apartments and student, senior and affordable housing communities, with a growing footprint across the Southeast and the western and mountain states. The company currently has 35 communities, including 28 operating and seven under development, representing more than 7,400 units.

Market Implications

The expansion adds a senior housing development program to a multifamily portfolio and pairs ground-up development with third-party operators. Independent living, assisted living and memory care require specialized staffing, care delivery and compliance systems that differ from conventional multifamily management. Class A projects also require substantial upfront investment in amenities, design and operating partnerships, and higher construction and capital costs can pressure yields. The Sunbelt focus aligns with the firm's existing orientation toward high-growth markets, though the segment also draws established senior housing developers, healthcare real estate investment trusts and multifamily sponsors entering adjacent active-adult and age-restricted segments.

Sources

• Madison Capital Group: Madison Communities Expands Into Luxury Senior Housing, Names Industry Veteran to Lead Platform