The Lamar Hunt family already has many business interests, including professional sports and the oil business, but has now spotted an opportunity in the seniors housing market.
Hunt Midwest, a privately held company owned by the Lamar Hunt family, has just begun developing two assisted living buildings in the Kansas City area. There are also plans to build two other assisted living projects in the metro area, and all four projects - valued at around $32 million - will carry the name Benton House. They are being developed as part of a joint-venture with the Roswell, GA-based Principal Senior Living Group who will manage the buildings.
Ora Reynolds, president of Hunt Midwest Real Estate Development says "With the ageing population and residential housing experience, it made perfect sense that we invest in the seniors housing market. There is a real need for assisted living in the area."
The first project is Benton House at Shoal Creek in the Northland area of Kansas City, Missouri, which will form part of a 500 acre planned community called Benson Place. The second project is nearby in Lee's Summit, Missouri, with both being expected to open in spring 2012. The locations for the other two buildings haven't yet been decided, but are expected to be open by 2013.
Both of the buildings currently being developed have similar designs as they are based on a prototype created by Principal Senior Living. Each will have 59 units, with 12 of the units being for people who are memory impaired. The buildings are being constructed in a figure of eight design around two courtyards, enabling residents to easily reach communal areas. Rents are estimated to range from $3,000 to $4,500 a month.
Lamar Hunt was the son of an oil tycoon and is perhaps best known for founding the American Football League and the Kansas City Chiefs. Lamar died in 2006 at the age of 74.
Principal Senior Living currently operates and owns 11 properties in Florida, Georgia and South Carolina, which include assisted living and memory care units, as well as an independent living component in Florida.