Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ANOKA COUNTY HOUSING STUDY SENIOR HOUSING excluded are Boulevard Apaitinents, Crest View on 42nd, and Royce Place, all of which are located in Columbia Heights. There are variety of factors that may contribute to the atypically high vacancy rates at these complexes, including the overall desirability of senior housing in Columbia Heights and at the specific communities, management issues, ineffective marketing campaigns, and less competitive positioning, among other factors. • Calculating the adjusted vacancy rate reveals that all service -levels have vacancy rates below market equilibrium except for market rate senior rental and congregate products. Due to the economic recession and slowdown in the housing market, these two product types specifically have experienced soft demand. Improved economic and housing market conditions will undoubtedly have a positive impact on the performance of market rate active adult and limited -services projects in Anoka County. • With the exception of Oak Grove (due to the Oaks of Lake George project), all submarkets are performing near or below market equilibrium. Some submarkets have no vacancies, including Andover, Ramsey, and St. Francis. The highest overall vacancy rate is 8.1% in the Southern Leg submarket, which is just slightly above market equilibrium. Overall, the low vacancy rates indicate that excess demand for senior housing exists in nearly all Anoka County submarkets. Table C-3: Deers Subsidy Active Adult Senior Housine • Anoka County has a total of 16 age -restricted housing communities that offer deep subsidy senior housing. Together, these buildings supply 935 units of deep subsidy senior housing to the market. • The Southern Leg submarket contains the highest percentage of deep subsidy units in the County (48%), followed by Anoka (23%), Coon Rapids (19%), and Blaine, Circle Pines & Lexington (9%). • Deep subsidy senior housing communities in the County were built between 1977 (Dublin Park — Coon Rapids) and 2002 (North Gables — Blaine) and have an average year built of 1984. • Currently, there are no vacant units at any of the County's subsidized senior housing communities. Most communities maintain a waiting list with a typical wait of about one year. Table C-4 and Table C-5: Affordable/Shallow Subsidy Active Adult Senior Housine • There are a total of six affordable senior housing communities in Anoka County, which together supply the market with 237 units. • The greatest percentage of affordable senior housing is located in the Southern Leg submarket (44%), followed by Blaine, Circle Pines, & Lexington (20%), Lino Lakes & Centerville (20%), and Coon Rapids (16%). MAXFIELD RESEARCH INC. 64