Although nearby residential subdivisions are dotted with unsold homes, Cascades of the Sierra feels few effects from the residential slowdown in northern Nevada.
Five months after its opening, the 240-unit senior housing complex in Spanish Springs is on track to meeting or possibly even beating its 30-month schedule to get fully leased.
David Schneck, executive director of the property developed by Cascade Living Group of Bothell, Wash., says occupancy in the 96 assisted-living units at Cascades of the Sierra, as well its 24 memory-care units, is driven by need.
When patients or their families require senior care, conditions in the residential market don't play a factor.
Occupancy of the other half of Cascades of the Sierra 120 one- and two-bedroom rental units for independent senior living is more somewhat more sensitive to the housing market, Schneck says.
Often, he says, potential tenants of the independent-living apartments want to wait until they sell their homes before they move.
Even so, Chris Mirando, director of sales and marketing, says 10 to 14 new residents a month have been moving in since Cascades opened in July.
Cascades of the Sierra is one of five senior housing complexes owned in the West by Cascades Living Group, and it's the first property developed from the ground up by the company.
The strong growth of northern Nevada as a retirement housing center during this decade played a role in the company's decision to develop its flagship property in Hawco Properties' Spanish Springs development.
The growth of the Baby Boomer population the adult children who play a critical decision-making role in housing for elderly parents was equally important, Mirando says.
The site just west of the Eagle Landing Shopping Center is adjacent to property owned by Renown Health, although a Renown spokeswoman says the organization has no current plans for its property.
Along with restaurant-style dining for residents, Cascades of the Sierra includes a full bar, a small movie theater complete with snack counter, fitness and rehabilitation facilities and an indoor swimming pool.
The project was designed by LRS Architects. Warner Design Associates of San Carlos, Calif., created the interior designs. It was honored this month by the Builders Association of Northern Nevada as best multi-family project in the region, and as best commercial interior design.
Cascades of the Sierra teams with other businesses in the complex. Well Fargo Bank provides regular on-site bank service, Avella Salon and Day Spa operates locations in the property and HCR ManorCare provides on-site physical and occupational therapy.
The staff of 45 a number that will grow as occupancy rises includes licensed professional nurses who are on duty around the clock seven days a week.
