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4/11/2017 Retail Developer Oppidan Pursues $400 Million Senor Housing Pipeline- Senior Housing News y f to:k to "'-ee cvr WAR WINNING mamstreef . MMA- PORTFOLIO HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline March 29, 2017 by Tim Mullaney 19 This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring Investment f=orum is brought to you by Mainstieet. As the nation's largest developer of transitional care properties, Mainstreet specializes in real estate development, value investments and health care. With Mainstreef's support, SHN is bringing event coverage of the NIC conference, which draws developers, providers and operators within the post- acute and preventative health care services space. After entering the senior housing space about three years ago, Oppidan Investment Company is going big, with a $400 million development pipeline in the works and partnerships with well-established operators. Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it now has completed more than 400 projects valued at more than $2.7 billion. The company seized an opportunity that came its way in 2014 to develop a senior housing community in the community of Woodbury, close to Oppidan's headquarters in the Twin Cities suburb of Excelsior, Minnesota. That projec"ubbed Red Rock Senior Living--inoved quickly, going from groundbreaking in 2014 to being open and fully leased up in 2016, Oppidan Vice President of Development Shannon Rusk told Senior Housing News last week at the National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum in San Diego. Though not intending to sell the property, Oppidan again took advantage of an opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust (REIT) Welitower Inc. (NYSE: HCN) bought the property for an undisclosed price, Oppidan announced earlier this month. The 77 -unit building includes 39 high-end independent living and assisted living apartments, 32 for memory care, and six suites. It is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- based Fairview Health Services. However, the sale of Red Rock did not mark the end of Oppidan's involvement in the senior housing space. Currently, the company has an estimated 1,100 units either open or under construction. There are four active projects in Minnesota and one in Napa, California. The total development pipeline represents a $400 million investment, Rusk estimated. This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled to open its doors. The other Minnesota developments are located in the city of Mankato, the Twin Cities suburb of Shorewood, and near the University of Minnesota in the Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to be the largest, at nearly 300 units, with university partnerships in the works for programming. Ebenezer is the operating partner for all of these projects. Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing coastal markets, according to Rusk. And it already is in the process of obtaining permits SPONSORED BY V� '° mainstreef click; tc� see air portfc :lid httpJ.k, n orhomirwam.coml2017/03WreWl-developer-oodan-pursues-400-millior}senior-hawing ppeliriel 113