Laserfiche WebLink
LOC'i; <br />CONSULTING <br />Market Analysis for Downtown Redevelopment <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />3.11 senior Housing Properties in the PMA (Continued) <br />Property Address Year Built Units <br />Memory Care Assisted Living <br />Lyngblomsten at Lino Lakes (MC) <br />7026 Centerville Rd, Centerville <br />2023 <br />17 <br />Atlas Villas Memory Care <br />1825 Main St, Centerville <br />2023 <br />16 <br />NorBella Senior Living <br />2025 Michaud Way, Centerville <br />2022 <br />16 <br />Good Life Assisted Living <br />5260 127th Street N, Hugo <br />2017 <br />32 <br />Harbor Crossing <br />4650 Centerville Rd, White Bear Lake <br />2017 <br />30 <br />The Waters of White Bear Lake <br />3840 Hoffman Rd, White Bear Lake <br />2016 <br />30 <br />Prelude Memory Care Cottages <br />4650 White Bear Pkwy, White Bear Lake <br />2016 <br />30 <br />Cherrywood Pointe <br />1231 W Broadway Ave, Forest Lake <br />2015 <br />22 <br />Keystone Place at LaValle Fields <br />14602 Finale Ave N, Hugo <br />2015 <br />22 <br />Gracewood Memory Care <br />675 Market PI Dr, Lino Lakes <br />2015 <br />17 <br />Amira Choice Forest Lake <br />231 W Broadway Ave, Forest Lake <br />2014 <br />20 <br />Lino Lakes Assisted Living <br />725 Town Center Pkwy, Lino Lakes <br />2010 <br />28 <br />White Pine <br />1235 Gun Club Rd, White Bear Lake <br />2007 <br />10 <br />Encore Memory Care <br />5607 150th St. N., Hugo <br />2004 <br />24 <br />Waverly Gardens <br />5919 Centerville Rd, North Oaks <br />2004 <br />12 <br />Birchwood Memory Care <br />604 1st St, Forest Lake <br />2002 <br />30 <br />Brookdale North Oaks <br />300 Village Center Dr, North Oaks <br />1998 <br />46 <br />402 <br />Source: LOCI Consulting LLC <br />Market Trends <br />The estimated national vacancy rate for all senior <br />housing types in the fourth quarter of 2022 was <br />17.0%, according to the National Investment Center <br />for Seniors Housing & Care (NIC). <br />The COVID19 pandemic had dramatic impacts on <br />the senior living industry. With the healthcare and <br />staffing problems that occurred in senior housing, <br />assisted living, and skilled nursing communities, the <br />vacancy rate increased significantly, rising from <br />12.9% in the first quarter of 2020 to 22.2% in the <br />second quarter of 2021. <br />Adding to the demand side pressure, the stock of <br />senior housing units grew by 6.3% nationally since <br />the beginning of the pandemic, according to NIC. <br />Senior Housing in the PMA <br />LOCI Consulting inventoried senior housing in the <br />Downtown Centerville PMA. Figure 3.11 (on the <br />previous page and above) shows an inventory of the <br />age -restricted properties in the PMA. About 2,400 <br />senior housing units were identified in the PMA. <br />Figure 5.2 shows selected newer properties that <br />were surveyed in the PMA. These properties are <br />profiled to best understand average sale <br />prices/rents, occupancies, and features and <br />amenities that are currently being offered in the <br />marketplace. <br />Affordable Senior Housing <br />■ Three affordable senior housing properties were <br />profiled —two in Forest Lake and one in White <br />Bear Lake —totaling 145 units. <br />■ There are no vacant units at the affordable senior <br />living properties. <br />■ Rents at the affordable senior housing projects <br />range from $480 to $1,141, with exception to the <br />project where rents are 30% of the resident's <br />income. <br />Page 53 <br />