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Ramsey Senior Housing Market Study <br /> <br />January1998 <br /> <br />Senior Market Rate and Subsidized Housing Within the Primary Market Study Area <br /> <br />Currently, only one senior rental housing project is located within the Primary Market Study Area. Rum <br />River Square is subsidized by Rural Development (formerly Farmers Home Admimstration), and has 21 <br />one bedroom units with a maximum rent of $335. There are no vacancies and there generally is a waiting <br />list for occupancy. <br /> <br />Senior Market Rate and Subsidized Housing Within the Secondary Market Study Area <br /> <br />Anoka has five senior rental projects. Three of these projects are subsidized and have a total of 212 units. <br />The rents are based on tenant income. All three projects have no vacancies and substantial waiting lists. <br /> <br />Anoka also has two market rate senior rental projects with a total of 180 units. The rents range from $633 <br />for a studio apartment to $1,110 for a large two bedroom apartment. The market rate projects provide <br />various services for the tenants. Both projects have no vacancies. <br /> <br />Elk River has four senior rental projects, three subsidized projects totaling 140 units, and one market rate <br />project totaling 36 units. The subsidized projects have rent based on income, no vacancies and waiting lists <br />of more than two years. The market rate project, Evans Park, has an 18 month waiting list. The project's <br />rents are $587 for a one bedroom unit and $730 for a two bedroom unit. <br /> <br />Senior Housing Projects in the Development/Planning Stage <br /> <br />Andover <br /> <br />A senior rental project is under construction in Andover. The project includes 68 units of assisted living, <br />66 units of independent living and six town homes. The rents for independent living one and two bedroom <br />units range from $550 to $1,100. The project is due to open in the fall of 1998. Although marketing is <br />only in the beginning phase, 24 of the independent living units have already been reserved. <br /> <br />Ham Lake <br /> <br />The Anoka County HRA and the municipality of Ham Lake are researching the feasibility of constructing <br />another 50 unit senior complex adjacent to The Willows on Majestic Oaks Golf Course. The Willows is <br />totally occupied and has a waiting list of more than 100 households. <br /> <br />Summary of Current Senior Housing Market <br /> <br />The research indicates a shortage of market rate and subsidized senior housing in the Primary and <br />Secondary Market Areas. All of the senior projects in the Market Areas are fully occupied and have <br />waiting lists. The existing senior projects can not accommodate the existing senior housing demand, and as <br />the senior demographic projections indicate, the senior population, and thus, the senior housing demand will <br />continue to increase. <br /> <br />The senior housing recommendation for Ramsey factor in the Andover and Ham Lake projects. However, <br />it is recommended that those projects continue to be monitored as they develop and become more occupied. <br /> <br />Community Partrers Research, Inc. 25 <br /> <br /> <br />