Celebration Paris: 64-Unit Senior Housing Complex Under Construction

Construction began on Celebration Paris in December 2024, a 64-unit affordable senior housing complex located off US Highway 82 in Paris, Texas. The project is financed through $11 million in Low-Income Housing Tax Credits (LIHTC) allocated in 2024, with Berkadia serving as the financial advisor on the transaction. The complex is designed for residents aged 55 and older, targeting a demographic that is growing faster than available housing stock in Lamar County.

The development adds a significant number of new residential units to a market where the rental vacancy rate hovers around 6%, well below the national average. For a city where employment has been growing but housing construction has lagged, Celebration Paris represents one of the largest single residential investments in recent years.

Why senior housing matters for commercial investors

Senior housing developments create a specific type of demand that benefits nearby commercial properties. Residents of age-restricted communities tend to frequent medical offices, pharmacies, restaurants, and grocery stores at higher rates than the general population. They generate consistent daytime foot traffic — the kind that supports retail and service businesses along commercial corridors like Lamar Avenue and Price Street.

The location off US 82 places Celebration Paris within easy driving distance of Paris Regional Health, which completed over $11.5 million in facility upgrades in 2025, and near the commercial and retail corridors that serve the broader Paris market. For investors evaluating 1905 E Price St, the addition of 64 senior households within a short drive of the property strengthens the case for medical, wellness, or community-oriented uses in the Multi-Family Dwelling District.

A tighter rental market

Paris's low rental vacancy rate is both a challenge and an opportunity. For renters, it means fewer choices and rising prices. For property owners and investors, it means demand that consistently outpaces supply — a fundamental driver of lease rate growth and property value appreciation. The addition of 64 units through Celebration Paris, combined with the 60-unit apartment complex approved by the City Council and the Invest Lamar 41-home development, begins to address the shortage, but the underlying demand dynamics remain favorable for investors who can deliver functional, well-located space.

These residential projects reinforce the employment growth story: Huhtamaki added 80 manufacturing jobs, Amazon brought 100 delivery positions, Delco Trailers is ramping up toward 300 new roles, and the TxDOT headquarters anchored 160 state employees in the Gene Stallings Business Park. Each of these employers generates housing demand that Paris's existing inventory was not built to absorb.