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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />HOUSING RECOMMENDATIONS <br /> <br />phases could easily be added to accommodate growing demand. We anticipate growing demand <br />would be sufficient to support at least another 50 units on the campus closer to 2020. <br /> <br /> <br />This senior campus would attract residents who would most likely range in age from the late 70s <br />to early-90s. The majority of residents would not need to utilize extra meals and additional <br />housekeeping initially, which are normally included in the rent at an assisted living project. <br />However, as the residents age in place, they would choose the additional meals and care. A <br />memory care wing would complement the facility by providing services for the segment of the <br />market with Alzheimer's or other memory loss. Currently, we find that this population is under- <br />served in the surrounding area. Our analysis of dementia care facilities revealed that these units <br />are almost always full. <br /> <br />TABLE 40 <br />RECOMMENDED DEVELOPMENT CONCEPT <br />SERVICE INTENSIVE SENIOR HOUSING <br />TCAAP SITE <br />Januar 2008 <br /> <br />Percentage of <br />Units <br /> <br />Unit Size <br /> <br />Base <br />Monthly Fees <br /> <br /> <br />lBR/D <br />2BR <br />Total Units <br /> <br />20% - 25% <br />60% - 70% <br />110 - 120 <br /> <br />850 - 925 <br />1,000 - 1,050 <br /> <br />$1,675 - $1,750 <br />$1,875 - $2,050 <br /> <br /> <br />lBR 60% - 65% <br />IBR/D 15% - 20% <br />2BR 20% - 25% <br />Total Units 50 - 60 <br />OBR 20% - 25% <br />IBR 75% - 80% <br />Total Units 35 - 40 <br /> <br />650 - 725 <br />800 - 875 <br />950 - 1,025 <br /> <br />$2,650 - $2,750 <br />$2,950 - $3,050 <br />$3,250 - $3,350 <br /> <br /> <br />375 - 400 <br />525 - 550 <br /> <br />$4,150 - $4,250 <br />$4,450 - $4,550 <br /> <br />Monthly rents/fees are quoted in 2008 dollars and include all utilities (except <br />telephone and cable) for all units. Congregate rents include one meal daily <br />and weekly housekeeping. Assisted living and memory care rents includes <br />three meals per day, weekly housekeeping and linen service, case <br />management, programming, and 24-hour supervision. <br /> <br />Source: Maxfield Research Inc. <br /> <br />We recommend the following building amenities and common areas be included in a service- <br />intensive senior campus: secured entrance, office, nurse's office, kitchen and dining area, activity <br />room, community room, sunroom, media room, outdoor deck/patio, exercise room, chapel, bar- <br />ber/salon, and laundry facility. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />90 <br />
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