|
411112017 Retail 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 />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 />Your Shordd Also Road,
<br />:�en1 r::tate Compan•r L aunr�r�s f�err 5rniur Lroirg Arm
<br />U En t"e Pipeline: Serio. Hcusiny : onstruction Projects (1:14.161
<br />Tijpdatej HCN Inks S2.3 B lccn Deal v::th HellthLe ise. Ala :mstreet
<br />Categories: less;stwl Lmnq, F :narr.e and De:eiopment, Independent t mrig, Rlenwry Care, Trenc!ing
<br />Companies: Fbwie e: AY:n,igerrent 5c:rtiirc<s, NIC, NICLIVE:, Oppidan lnvo,,tment Company,
<br />..'ateim'.a rk Retirement Communit;es, VVeilto;ver
<br />RECENT COMMENTS
<br />Senior UvMU CLOG Go 31g un idtk:.
<br />Not an Dcscounta
<br />- a
<br />lir„iday Jr: p -Star:. C?.ange at 1'::P. Src o,)O,:le
<br />Lal'.' L t
<br />rjU Grants Forbearance tri 12nu.Care, H:. -its
<br />.0alor Restructun^g
<br />These Are T ^.e i east-F.1^gaged In SPfYc.
<br />I timL
<br />Larisurt rekrs Acro at Brnvkdaip Sta`.fn.;
<br />Pra^tc^es
<br />Best F'ast•AcLne rare Dps:gr.:..,16: Rehaa Meets
<br />Country Club
<br />Best student Des,gn 201 b. A Futuristic 20
<br />Reali ;tic Senor Living I,'onin3un:ty
<br />Bpst of Independent 1 iving Design 2016: Creating
<br />an Lilian Voir Factor
<br />Announcing ttce Senior Huusnig Nc ity Arr:hiZuAare
<br />& Design P.vards ' :risers 2DI6
<br />Land Acquisition and
<br />Devieopment Strategies
<br />Learn from experts as they share their
<br />thoughts and insights into developing new
<br />senior living communities.
<br />�.I
<br />Dished F.",r: s Fupular Cuckta k; :,> .,encu ;r.inq
<br />httpl/servorhousirKj news.com2017lO3l29/retail- developer-oppidan-pursues-400-milliorrsenior-housing-pipeline! 213
<br />
|