FHLB Chicago

Federal Home Loan Bank of Chicago | Community Investment eNewsletter | August 2013

Advisory Council Member Spotlight: James Keledjian, Principal and President, Pathway Senior Living

In this Advisory Council Member Spotlight, we introduce James Keledjian, Principal and President of Pathway Senior Living (PSL),

Des Plaines, Illinois. PSL is a privately held company dedicated to improving the lives of older adults; PSL develops, owns, operates, and manages market-rate and mixed-income independent-living and assisted-living communities.

Q: Pathway Senior Living (PSL) has been providing housing options for older adults since 1997. The number of Americans 65 and older is projected to more than double by 2030; this is often referred to as “the greying of America.” How does knowing this influence your work?

A: The challenge of an increasing senior population over the next 25 years will be affordability, acuity, and aging. With increased human lifespan, the senior housing industry at all levels will be increasingly servicing an aging, sick, and lower-income population. Of the estimated 42 million in population growth of over-65-year-olds, the majority will have less than $10,000 for retirement and will rely heavily on Social Security income. Although there will be opportunities to serve an affluent population in the design and development of new types of housing and communities, housing lower-income seniors will have a heavy economic impact on society. As the majority of the population begins to age, the senior housing industry will need to work closely with the government and the private sector to develop financial and development programs to meet the needs of the future.

Q: In addition to your work at PSL, you’re also a sponsor of the DePaul University Real Estate Center and adjunct professor in the Department of Real Estate, with heavy involvement in the Graduate Student Mentoring Program. How do you think the 'next generation' may influence the industry?

A: In the late 1990s, I became involved with DePaul University and raised monies from the Chicago real estate community to establish a Real Estate Center at DePaul. Over the years, I increasingly became more active in the center, serving on its steering committee and as an adjunct professor of real estate. I have worked closely with the real estate graduate students through the mentoring program, and have become impressed with their intelligence, drive, and career orientation. This generation of real estate professionals is extremely savvy about technology and have the opportunity to remake an entire industry in the next 20 years. The DePaul Graduate School experience, along with the ability to work with real estate professionals through the mentoring program, has been beneficial to the students’ career development. I enjoy working with students and I am impressed daily by their performance.

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