|
4111f2017 Retail Developer Oppiden Pursues $900 Million Senior Housing Pipeline- Sertior Halling News
<br />for a community in Napa, California, to be operated by Tucson, Arizona -based Watermark
<br />Retirement Communities.
<br />The Oppidan Model
<br />With concerns about senior housing oversupply circulating, Oppidan is highly disciplined
<br />and empirical in its market selection, Rusk emphasized.
<br />"We spend an inordinate amount of time on the pro forma," she said. "We've selected
<br />locations and sites with supply and demand that's going to make sense, and we've
<br />passed on many. We listen. We've got a few third -party market study companies we work
<br />with ... and we look to our operator to make sure we're not suggesting rents that just
<br />make a pro forma look good:
<br />Oppidan's first foray into senior housing, with the Woodbury project, initially involved an
<br />operator relationship that did not work out. The relationship with Ebenezer began through
<br />a request for proposals that Oppidan issued, Rusk said. Similarly, the Watermark
<br />relationship began through an RFP.
<br />"I'm not sure if we just got lucky. Half of this is luck," Rusk said of connecting with these
<br />operators. "They're great. I think we've got the best of the best, and that's probably more
<br />important than having a good location."
<br />Oppidan developments are amenity -forward, with the goal of creating an active lifestyle
<br />vibe rather than a clinical one, although the health care piece is present in the
<br />background. Independent living and assisted living units are fully interchangeable, with
<br />the only difference being that the level of services provided is higher in AL.
<br />One benefit of this arrangement is that residents do not feel like they have to re -locate to
<br />a different class of unit as their needs increase, Rusk said. It also allows the property to
<br />respond nimbly to market demands.
<br />"We plan per pro forma that there will be this many independent living and this many
<br />assisted living units, but if you have 50 IL units and 50 AL and on day one you get 100 IL
<br />[customers], we can move them all in," Rusk said.
<br />So far, Oppidan itself has provided all the equity and financing for its senior housing
<br />developments, but it is open to other partners as lead volume in this space grows. And
<br />the company expects to keep expanding its senior housing portfolio, given the favorable
<br />demographics.
<br />"There hasn't been day -one for the baby boomers moving into senior housing yet, so it's
<br />going to be here for a long time, but you've got to be smart," Rusk said.
<br />Written by Tim Mullaney
<br />19
<br />You Should Also Road:
<br />;lea! I_: +atm: Company Launches t`e-w Senior !wirq Arm
<br />In the- Pippline.: Senior Housing Gonstruct:on Project, (1.14.16)
<br />jUadate-, HCl, lnko S2.3 Bilttcn HesRhLv.ase, Mag nstreet
<br />Categories: t+ss.stod I.:v.nq, r nonce and Devoiapment, Independent t wine], !1.1e.nwry Care, Trending
<br />Companies: Fbene: e,r h1anagernent Seerv;W ,, NIC, NICLIYE, Oppidan Investment Company,
<br />VVateern:a rk hetiremen' Corriniumues, tr•.'eilto-xer
<br />RECENT COMMENTS
<br />Senior L:vinn (;LOs Go Big on Dati:.
<br />ILI Not on Disount;
<br />t.irnday J(:;rp-Star:. Ch ip at !!,,D 3rcnk iofe
<br />.alY,utt
<br />QCP Grants Forbearance tr.:",2no.' are, !f;n'.s ::t
<br />-Major Restructuring
<br />These Are ^.e t east -'7 iageu ::or�ars tr, fie."SCr
<br />Iirnq
<br />la,,nutt fak. ; Alm at Rmokdale Staff..na
<br />Na,^tires
<br />Dost IVs! -Acute Care Des:g. 251, 6: Rehm. Meets
<br />Country Club
<br />Best Student Desup i 201 b. A Futurist(c But
<br />Rea!i•,w Sensor Luing Comn3un:ty
<br />Rest of independent 1 suing Desa;n 2016: l;reat.nq
<br />an Urban 't or;' Fae;or
<br />Announcing the Senior Housn.g Neal dmht:a,!bire
<br />Uei;tgn At;ards ,'V:rrers 2016
<br />Land Acquisition and
<br />Devieopment Strategies
<br />Learn from experts as they share their
<br />thoughts and insights into developing nein
<br />seRlor living communities.
<br />j.tehed Mcst Fcpular 6ent,r 1-rmiq;
<br />http7lsenorholrsingnews.cornMM7AaWretail-developer-oppidan-pursues-900-million•senior-housing-pipelinW 213
<br />
|