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EXECUTIVE SUMMARY <br /> o Active adult ownership 0 units <br /> o Active adult market rate rental 40 units <br /> o Active adult affordable 12 units <br /> o Active adult subsidized 18 units <br /> o Congregate 53 units <br /> o Assisted living 12 units <br /> o Memory care 4 units <br /> Recommendations and Conclusions <br /> • Based on the finding of our analysis and demand calculations, the following chart provides a <br /> summary of the recommended development concepts by product type for the City of Elk <br /> River through 2017. Detailed findings are described in the Conclusions and <br /> Recommendations section of the report. <br /> RECOMMENDED MULTIFAMILY HOUSING DEVELOPMENT <br /> ELK RIVER <br /> 2012 to 2017 <br /> Purchase Price/ No.of Development <br /> Monthly Rent Range' Units Timing2 <br /> General Occupancy Rental Housing <br /> Market Rate Rental Housing <br /> Apartment $900/1BR-$1,150/2BR 50 -55 2012+ <br /> Townnhomes $1,100/2BR-$1,350/3BR 20 -25 2012+ <br /> Total 70 -80 <br /> Affordable Rental Housing <br /> Townnhomes Moderate Income3 25 -35 2012+ <br /> Senior Housing <br /> Adult Few Service Rental $900/1BR-$1,100/2BR 25 -30 2012+ <br /> Congregate $1,750/1BR-$1,950/2BR 40 -50 2012+ <br /> ' Pricing in 2012 dollars. Pricing can be adjusted to account for inflation. <br /> 2 The develompent of these products can occur at any time. <br /> 3 Affordablity subject to income guidelines per Minnesota Housing Finance Agency(MHFA). <br /> Source: Maxfield Research Inc. <br /> MAXFIELD RESEARCH INC. 9 <br />