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4/1112017 <br />Retail Developer Oppidan Pursues $400 Million Senior Housing Pipeline - Senior Housing News <br />�+ click to see our <br />��OA@LARD-WINIIltIG <br />mamstreetn = - PORTFOLIO <br />HOME NEWS ADVERTISE RESEARCH JOBS COMPANIES <br />Retail Developer Oppidan Pursues $400 <br />Million Senior Housing Pipeline <br />March 29, 2017 by Tim Mullaney <br />t9 <br />This coverage of the 2017 National Investment Center for Seniors Housing & Care Spring <br />Investment Forum is brought to you by Mainstreet. As the nation's largest developer of <br />transitional care properties, Mainstreet specializes in real estate development, value <br />investments and health care. With Mainstreet`s support, SHN is bringing event coverage <br />of the NIC conference, which draws developers, providers and operators within the post- <br />acute and preventative health care services space. <br />After entering the senior housing space about three years ago, Oppidan Investment <br />Company is going big, with a $400 million development pipeline in the works and <br />partnerships with well-established operators. <br />Founded in 1991, Oppidan built its reputation largely as a developer of retail properties; it <br />now has completed more than 400 projects valued at more than $2.7 billion. The <br />company seized an opportunity that came its way in 2014 to develop a senior housing <br />community in the community of Woodbury, close to Oppidan's headquarters in the Twin <br />Cities suburb of Excelsior, Minnesota. <br />That project --dubbed Red Rock Senior Living—moved quickly, going from <br />groundbreaking in 2014 to being open and fully leased up In 2016, Oppidan Vice <br />President of Development Shannon Rusk told Senior Housing News last week at the <br />National Investment Center for Seniors Housing & Care (NIC) Spring Investment Forum <br />in San Diego. <br />Though not intending to sell the property, Oppidan again took advantage of an <br />opportunity that came its way, Rusk said. Toledo, Ohio-based real estate investment trust <br />(REIT) Welltower Inc. (NYSE: HCN) bought the property for an undisclosed price, <br />Oppidan announced earlier this month. The 77 -unit building includes 39 high-end <br />independent living and assisted living apartments, 32 for memory care, and six suites, It <br />Is operated by Ebenezer Management Services, the senior housing arm of Minneapolis- <br />based Fairview Health Services. <br />However, the sale of Red Rock did not mark the end of Oppidan's involvement in the <br />senior housing space. Currently, the company has an estimated 1,100 units either open <br />or under construction. There are four active projects in Minnesota and one in Napa, <br />California. The total development pipeline represents a $400 million investment, Rusk <br />estimated. <br />This week, a new community in the Twin Cities suburb of White Bear Lake is scheduled <br />to open its doors. The other Minnesota developments are located in the city of Mankato, <br />the Twin Cities suburb of Shorewood, and near the University of Minnesota in the <br />Minneapolis neighborhood of Prospect Park. The Prospect Park community is slated to <br />be the largest, at nearly 300 units, with university partnerships in the works for <br />programming. Ebenezer is the operating partner for all of these projects. <br />Even as it becomes a major presence in the Land of 10,000 Lakes, Oppidan is eyeing <br />coastal markets, according to Rusk. And it already is in the process of obtaining permits <br />SPONSORED BY <br />.W� <br />mainstreef <br />i <br />dr_k: to see our <br />award-hair!ninq <br />portfolio <br />http:Nsertiorhomironews.eom/2017AWMroWl-develaper-epodan-pursues-400-million-sedan-housing-pipeline! 113 <br />