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Ramsey Senior Housing Market Study <br /> <br />January 1998 <br /> <br />Recommended Unit Mix, Size and Rents <br /> <br />Table I presents our recommendations for trait mix, size and rents based on our analysis &the Market <br />Study Area demographics and of comparable rental projects in communities adjacent to the Market Study <br />Area, Unit mix shown in Table 15 is based on a 46-50 unit building. We are recommending a range of <br />rents to meet the needs of as many seniors as possible. <br /> <br />The modest rents recommended indicate a need for some type of government assistance to make the project <br />financially feasible. Land donations, direct grants, TIF financing and Essential Functions Bonds are <br />examples of possible ownership or funding methods. <br /> <br />We recommend 22-24 one bedroom units. The one bedroom units should vary in size to accommodate as <br />many senior households at various income levels as possible. We propose unit sizes range from 660 square <br />feet to 800 square feet with rent ranging from $480 to $620. We recommend 12-13 one bedroom units <br />with dens approximately 900 to 940 square feet in size with rents of $610 to $660. We also recommend <br />12-13 two bedroom units with two full baths for seniors who are less price sensitive and desire more space. <br />We propose two unit sizes of approximately 1,000 square feet and 1,250 square feet with rents of $670 and <br />$80O. <br /> <br />Unit Type No. of Units Size (sq. ft.) Rent Rent (sq. ft.) <br />1 BP/Standard 13-14 660 - 720 $480 - $520 .72 - .73 <br />1 Bp/Large 9-10 730 - 800 $530 - $620 .71 - .78 <br />1 BR w/Den 12-13 900 - 940 $610 - $660 .68 - .70 <br />Total (1 BR). 34-37 <br />2 Bp/Standard 10-11 1,000 - 1,050 $670 - $700 .66 - .67 <br />2 Bp/Large 2 1,200 - 1,250 $750 - $800 .63 - .64 <br />Total (2 BR) 12-13 <br />Grand Total 46-50 <br /> <br />Source: Community Partners Research, Inc. <br /> <br />The recommended rents are quoted in 1998 dollars and include heat, but exclude electricity and garage. <br />We recommend garage rent of $35 per month. <br /> <br />Projected Ramsev Senior Housing Project Absorption <br /> <br />Based on the amount of interest generated by seniors in the Market Study Area, combined with the lack of <br />similar housing within the Market Study Area, we estimate the project will be 20 percent pre-leased. The <br />remainder of the units should lease at a rate of six to seven units per month, translating to a total lease-up <br />period of seven months from the date of initial occupancy. <br /> <br />Community Partners Research, Inc. 40 <br /> <br /> <br />