Given the economic stress felt throughout the U.S. economy during the past half-decade, it has been a comparatively smooth ride for owners and operators of senior housing facilities.

Rents, occupancies and operating incomes at senior housing communities have been on a steady upswing for three years. And despite some inevitable recession-related struggles, the senior housing space has suffered significantly less financial distress than other income-property categories, including the thriving market-rate apartment sector.

Mix in the dramatic demographic mega-wave ushering tens of millions of baby boomers into senior citizenship during the coming decades, and the outlook for “private-pay” (market-rate) independent living, assisted living and related communities seems downright rejuvenating.

The institutional investment community apparently concurs, having invested tens of billions of dollars through private eq