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SENIOR HOUSING ANALYSIS <br /> CONTINUUM OF HOUSING AND SERVICES FOR SENIORS <br /> Single-Family Townhome or Congregate Apartments w/ Nursing <br /> Assisted Living <br /> Home Apartment Optional Services Facilities <br /> Age-Restricted Independent Apartments, <br /> Congregate Apartments Memory Care <br /> Townhomes,Condominiums,or <br /> w/Intensive Services Units <br /> Cooperatives <br /> Fully Independent Fully or Highly <br /> Lifestyle Dependent on Care <br /> Senior Housing Products <br /> Source:Maxfield Research Inc. <br /> Senior Housing in Elk River <br /> As of July 2012, Maxfield Research identified nine senior housing developments in Elk River. <br /> These projects contain a total of 353 units. Three of the projects are subsidized, while the <br /> remaining six are market rate. Guardian Angels owns and manages seven of the nine <br /> properties. <br /> Table SH-1 provides information on both the market rate and subsidized projects. Information <br /> in the table includes year built, number of units, unit mix, number of vacant units, rents, and <br /> general comments about each project. <br /> The following are key points from our survey of the senior housing supply. <br /> Market Rate Senior Projects <br /> • We identified four existing adult/few service senior project in Elk River with a total of 177 <br /> units. Two of the developments are ownership (117 units) and the other two are rental (60 <br /> units) buildings. Pullman Place is the newest market rate development built in 2005 and is a <br /> cooperative ownership product with 65 units. The remaining products are 10 years and <br /> older. <br /> • Pullman Place is a limited equity cooperative. Cooperative products involve purchasing a <br /> unit (or share) and then paying monthly fees which includes all utilities, of property and <br /> commons areas, and future building maintenance. Pullman Place sold out fairly quickly <br /> when it opened at the height of the real estate market. However current residents who <br /> purchased the during the peak have lost value in their units. Many larger units have a <br /> difficult time of selling and have been on the market for over two years. <br /> MAXFIELD RESEARCH INC. 53 <br />