Sydney-based Macquarie Asset Management is launching a dedicated senior housing platform in the United States.

The global asset manager has partnered with Chicago-based Health Wave Partners, a boutique investment firm specialising in high-quality senior housing across the country.

Macquarie Asset Management’s real estate team says it sees strong growth potential in the US senior housing sector, driven by demographic tailwinds and a current supply shortfall.

With the ageing Baby Boomer generation set to fuel the fastest-ever expansion of the 80-plus population, demand is expected to far outpace new developments. This demographic shift comes as higher interest rates and rising construction costs have triggered a sharp slowdown in new builds, Macquarie said in a 30 June press release.

“We have extensive experience in targeting sectors bolstered by structural tailwinds and selecting the optimal team within those sectors to partner with,” said Eric Wurtzebach, Head of Real Estate for Macquarie Asset Management. “We believe Health Wave Partners is uniquely positioned to access pipeline and mitigate execution risks.”

“Health Wave Partners will focus on investing in what it views to be high-quality properties and partner with experienced operators in regions with strong demographic and economic fundamentals,” added John Cobb, CEO of Health Wave Partners. “We believe our team’s expertise and strategic partnership with Macquarie Asset Management positions us for success and are excited to pursue what we believe is a strong opportunity in the market.”

More than 564,000 new senior housing units are required to meet US demand by 2030 – but only 191,000 will be added at the current development rates, according to data service NIC MAP, which tracks data on the senior housing industry. Units include independent living, assisted living, memory care and active adult housing.

The US Census Bureau estimates that the number of people aged over 80 will increase from 14.7 million today to 18.8 million by 2030.