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SENIOR HOUSING ANALYSIS <br />Pullman Place is a limited equity cooperative. Cooperative prod <br />unit (or share) and then paying monthly fees which includes all <br />commons areas, and future building maintenance. Pullman Place srly quickly <br />when it opened at the height of the real estate market. However <br />purchased during the peak have lost value in their units. All unit types currently sell fairly <br />quickly compared to 2012 and a few years before. <br />Elk Run Village is a for sale age-restricted townhome development for active adults. There <br />are a total of 52 homes along with a clubhouse. All of the unit-level, two- <br />bedrooms with attached garages. <br /> <br />Monthly rent for the rental buildings ranges $517 for efficiency units at Riverview <br />Apartments to $1,109 for a two-bedroom unit at Evans Park. Unit sizes range from 320 <br />square feet for an efficiency to 826 for a two-bedroom unit. Both of the market rate <br />buildings are about 30 years and older. <br /> <br />Subsidized Senior Housing Projects <br /> <br />There are a total of 138 units in two subsidized senior projectsOctober 2015, all of <br />the subsidized units were occupied indicating pent-up demand for subsidized senior rental <br />units. <br /> <br />Overall, the unit sizes at the subsidized senior projects are considerably smaller than many <br />of the previously mentioned general-occupancy rental projects. One-bedrooms range from <br />540 to 688 square feet and two-bedrooms range from 734 to 800 square feet. <br /> <br />Typically subsidized senior housing offers limited to no amenities. However Guardian <br />Angels has developed Angel Ridge and Guardian Oaks with common a <br />a grocery store, gift shop, beauty salon, dining room, community <br />and coffee shop. Personal care services are also available at an extra cost along <br />scheduled activities. <br /> <br />Subsidized senior housing offers affordable rents to qualified l <br />handicapped/disabled persons. Typically, rents are tied to resies and based on 30 <br />percent of adjusted gross income (AGI), or a rent that is below <br />households meeting the age and income qualifications, subsidized <br />most affordable rental option available. <br /> <br />Senior Housing with Services <br /> <br />There is one facility in Elk River that offers assisted living a <br />Guardian Angels by the Lake is a 90 unit development opened in 1 <br />57 <br />MAXFIELD RESEARCH & CONSULTING, LLC <br /> <br />