Michael Gould, President, SilverCrest Properties
In an interview with Invest:, Michael Gould, president of SilverCrest Properties, discussed the company’s commitment to senior living, the impact of demographic shifts, workforce challenges, and the role of wellness and technology in shaping the future of the industry.
What have been some key successes for SilverCrest Properties in Minneapolis?
Coming out of the pandemic was a major milestone for our industry. It was a difficult period — residents were in lockdown, families couldn’t visit, and the virus itself had a significant impact on senior living communities. Overcoming those challenges was no small feat. At the same time, new regulations were introduced, making assisted living and memory care facilities subject to nursing home-level regulations. This shift caused many multifamily developers who had entered senior housing to step back, as the new requirements were too burdensome. Instead, they pivoted to age-restricted housing without services.
For established providers like SilverCrest, this meant fewer new players in the market, but also a slowdown in development due to economic conditions. As a result, there’s now pent-up demand. We’re actively developing new communities, buying and selling properties, and see a promising future for growth. While it will take time for supply and demand to fully balance again, we anticipate continued opportunities in both new and existing communities.
How do demographic trends impact the future of senior living?
The baby boomer generation is now reaching the prime age for senior living. The leading edge of this group is around 77 or 78, while the average age in our communities is between 80 and 85. This demographic shift is significant, and we need to be prepared with the necessary supply to meet their needs. Looking ahead, demand for senior living will continue to grow, making our industry more dynamic than ever.
What makes SilverCrest Properties a great place to live and retire?
First and foremost, it’s our culture. We are deeply resident driven, engaging with seniors in the second half of their lives in a meaningful way. One example of our commitment is our involvement with Honor Flight, a program that allows World War II veterans to visit the memorial in Washington, D.C. at no cost. We’ve raised around $400,000 to support these trips. Additionally, each of our communities has an Honor Wall, displaying photos and stories of veterans who live there, ensuring their legacies are recognized and celebrated. Another major differentiator for SilverCrest is our wellness centers. We go beyond just offering a workout room. We provide specialized wellness programs tailored for seniors, including aquatics, rehabilitation, and fitness classes. Our facilities feature extensive, senior-friendly equipment, and we even welcome members from the surrounding community, much like a health club.
How is SilverCrest Properties managing workforce development and building a skilled labor force?
Like many industries, we’ve faced challenges in workforce development. Wages have risen dramatically, and labor shortages have made staffing difficult. Balancing these factors has been a challenge, but we’ve been managing it well over the past year. From our clinical nursing directors to our CNAs and aides, we’ve worked to minimize overtime and reliance on agency staffing, bringing our workforce into better balance. However, it remains a continuous struggle — there are only so many people available for these specialized roles, making workforce stability a persistent challenge in senior living.
How have senior residents’ expectations shifted in recent years, and how are you addressing these shifts?
The shift has been gradual, evolving alongside generational changes. We are now seeing the baby boomer generation entering senior living, and their expectations differ from previous generations. One of the biggest shifts we’ve observed is the increased demand for wellness amenities. Our wellness centers have been a game-changer, not just for physical activity but for socialization. Many in this generation have been active their whole lives, and they want to continue that lifestyle in senior living. They see the value in fitness and wellness programs because they have participated in them before. This is why we continue to expand and refine our wellness offerings. The social aspect of these programs is just as important as the physical benefits. Previous generations may not have prioritized this type of engagement, but today’s seniors do, and their families support it when they see the positive outcomes.
How might the Trump administration impact the senior living industry?
That remains to be seen. We closely monitor policies related to Medicare, Medicaid and other social programs that provide subsidies to seniors. These programs are under scrutiny, and any changes could have a major impact. Minnesota, for example, has done a good job with its Elderly Waiver Medicaid program, which helps lower-income seniors access care. The new administration’s stance on funding for such programs will be critical. Additionally, capital markets will be a key factor. Interest rates and banking policies will influence the development and expansion of senior living communities. We’re watching closely to see how federal and financial policies evolve in the coming months.
What is the outlook for the senior living industry, and what role will SilverCrest Properties play?
The industry is set for strong growth over the next 10 to 15 years. One of the biggest areas of change will be technology. Families increasingly want tools like in-unit cameras to monitor their loved ones, fall detection systems and better tracking of care services. Technology will play a bigger role in improving outcomes and transparency for families and staff. From a design standpoint, I don’t foresee drastic architectural changes, but technology integration will continue to refine senior living environments. As the baby boomer generation continues to age, their expectations will shape new demands in the industry. Beyond that, the next generation of seniors may introduce even bigger shifts, and we’ll need to adapt accordingly. SilverCrest is well-positioned to grow and evolve with these changes, ensuring we continue to provide high-quality, engaging communities for the seniors of today and tomorrow.
