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41112017 ReW Developer Oppidan Pursues $400 Million Senior Housing Pipeline - Senior Housing 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 />Opp'idan'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 lm Mullaney
<br />19
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