Laserfiche WebLink
SENIOR HOUSING ANALYSIS <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 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 units are one-level, two- <br /> bedrooms with attached garages. <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 /> Subsidized Senior Housing Projects <br /> • There are a total of 138 units in two subsidized senior projects. As of October 2015, all of <br /> the subsidized units were occupied indicating pent-up demand for subsidized senior rental <br /> units. <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 /> • Typically subsidized senior housing offers limited to no amenities. However Guardian <br /> Angels has developed Angel Ridge and Guardian Oaks with common area amenities such as <br /> a grocery store, gift shop, beauty salon, dining room, community room, extra storage space, <br /> and coffee shop. Personal care services are also available at an extra cost along with <br /> scheduled activities. <br /> Subsidized senior housing offers affordable rents to qualified lower income seniors and <br /> handicapped/disabled persons. Typically, rents are tied to residents' incomes and based on 30 <br /> percent of adjusted gross income (AGI), or a rent that is below the fair market rent. For those <br /> households meeting the age and income qualifications, subsidized senior housing is usually the <br /> most affordable rental option available. <br /> Senior Housing with Services <br /> • There is one facility in Elk River that offers assisted living and memory care services. <br /> Guardian Angels by the Lake is a 90 unit development opened in 1998 and recently <br /> MAXFIELD RESEARCH&CONSULTING,LLC 57 <br />