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ANOKA COUNTY HOUSING STUDY SENIOR HOUSING Table C-1: Distribution of Senior Housine in Anoka County • The survey of rental projects conducted by Maxfield Research Inc. includes all age -restricted developments located in Anoka County. A total of 3,670 senior housing units were identified. • Senior housing is classified into six main categories ranging from active adult/no services housing to very service -intensive housing products. The following is a distribution of units by housing type in the County: o Subsidized/affordable active adult rental — 1,172 units o Market rate active adult rental — 1,049 units o Market rate active adult ownership — 240 units o Limited-services/congregate — 490 units o Service-intensive/assisted living — 555 units o Service-intensive/memory care — 164 units • The following submarkets have the greatest supply of senior housing units in the County: o Southern Leg — 1,213 units, 33.1% of County o Coon Rapids — 812 units, 22.1% of County o Blaine, Circle Pines, & Lexington — 530 units, 14.4% of County o Anoka — 490 units, 13.4% of County Table C-2: Performance of Senior Housine Developments • Strongly performing markets are those with vacancy rates at or below the following levels: 5% for active adult rental housing; 2% for active adult owner housing; 5% for congregate housing; 7% for assisted living housing; and 7% for memory care housing. Assessed together, these rates typically equate to an overall vacancy rate of below 6%. As Table C-2 shows, most submarkets in Anoka County are performing very well in the various housing product types and for the vacancy overall. • Submarkets with higher vacancies rates include the Oak Grove & Nowthen submarket due to the underperforming Oaks at Lake George project in Oak Grove that has struggled to reach full occupancy. Although the project opened for occupancy in fall of 2006, it had only achieved about 60% occupancy by October 2007 and maintained that rate through October 2008. To our knowledge, its current occupancy rate just below 80% is the highest in its history. As growth continues to expand northward in Anoka County, Oak Grove will be more capable of capturing higher demand for senior housing products, which will increase its ability to support existing and future senior housing developments. • Several other communities — particularly those in Columbia Heights — have vacancy rates that are much higher than other senior housing communities located in the given submarket and County. In order to obtain the most accurate measure of performance, we excluded these projects from the vacancy analysis to derive the adjusted vacancy rate. Projects that were MAXFIELD RESEARCH INC. 63