Mark Myers Reflects on One Year Leading Kiser Group's Seniors Housing Practice

One year after Mark Myers joined Kiser Group as Partner and practice leader of its Seniors Housing team, the investment sales firm is continuing to expand the practice amid growing interest from multifamily investors in the sector.

Myers, who brings decades of experience across seniors housing brokerage, operations, asset management, and institutional real estate investment, recently sat down with Kiser Group principal Lee Kiser to discuss what attracted him to the firm, how the seniors housing sector differs from conventional multifamily, and what investors need to understand before entering the space. The firm has also added Brooks Barton as Director to the Seniors Housing team.

Why Kiser Group Pursued Seniors Housing

According to Myers, the decision to join Kiser Group centered on the firm's existing investor relationships and its approach to brokerage. "Kiser Group had something that was very important to me: a relationship-driven approach to brokerage," Myers said. "Seniors housing is an incredibly relationship-oriented business. Owners, operators, and investors need advisors who understand not only what an asset is worth, but also who the right buyer or operating partner may be and how a transaction fits into their long-term strategy."

Kiser Group has spent years building relationships with multifamily owners and investors, many of whom are now exploring opportunities beyond conventional apartments. The firm views seniors housing as an opportunity to serve those investors while expanding into a specialized asset class.

Understanding the Seniors Housing Sector

Myers described seniors housing as an umbrella term covering several distinct property and business models. Active adult communities generally serve residents 55 and older, with an emphasis on housing, amenities, and socialization. Independent living adds services such as meals, housekeeping, and transportation. Assisted living provides residents with support for daily activities, while skilled nursing serves those requiring more intensive medical care.

For investors accustomed to conventional apartments, Myers noted that the different models and their operational complexity can create a steeper learning curve. "Increasingly, though, that complexity is attracting investors rather than deterring them," he said.

Demand, Supply, and Property Fundamentals

Myers pointed to several factors driving multifamily investor interest in seniors housing: demographic demand, constrained supply, improving property fundamentals, and the opportunity to diversify beyond conventional multifamily.

On the demand side, Myers highlighted America's aging population as a primary tailwind. He also noted differences in the resident base compared to conventional apartments. Many seniors enter retirement as homeowners, and the equity accumulated in those homes can provide funds to pay for housing and care. Residents are also generally less exposed to employment volatility than working-age renters, with retirement income, savings, home equity, and, depending on the property type, government reimbursement contributing to the sector's relative resilience.

On the supply side, Myers described a development environment that remains constrained. Entitlements can be difficult to obtain, and construction must account for accessibility and ADA requirements, specialized common areas, activity spaces, and — depending on the property type — commercial kitchens and care infrastructure. Financing has also become difficult to obtain, further limiting the number of projects that can move from planning to construction.

Myers also cited the impact of the COVID-19 pandemic on the development environment. "COVID-19 effectively reset it," he said. "Instead of immediately returning to aggressive construction, the industry entered a period of more controlled development. That has helped existing communities absorb available inventory while the senior population continues to expand."

Limited development has contributed to improving fundamentals at existing seniors housing communities, with occupancies recovering significantly from pandemic-era disruptions and rents increasing substantially, Myers said.

The Operator Relationship and Investment Model

Myers emphasized that one of the most significant adjustments for multifamily investors entering seniors housing is recognizing that owning the building is only part of the equation. "A conventional apartment property's performance largely revolves around rent, occupancy and expenses," he said. "Seniors housing is real estate plus operating the business inside the real estate."

In a typical ownership structure, Myers explained, a real estate investor partners with an experienced operator. The operator may hold a smaller ownership stake in the real estate, while the real estate owner typically holds an ownership stake in the business. That structure makes operator selection, performance, and alignment critical components of the investment thesis.

Myers also noted that institutional capital, including REIT investment, has helped reshape and mature the seniors housing sector as an institutional real estate asset class, while private investors and multifamily owners are increasingly considering it as a diversification strategy.

"Seniors housing shouldn't be viewed simply as another form of multifamily," Myers said. "Investors need to understand both the real estate and the operating business. But for investors seeking stronger demographic tailwinds and exposure to an asset class where both real estate and operational performance can create value, seniors housing is becoming an increasingly compelling place to look."

Mark Myers can be reached at mmyers@kisergroup.com.

Sources

Kiser Group — Why Multifamily Investors Are Entering Seniors Housing: An Interview with Mark Myers