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

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ANOKA COUNTY HOUSING STUDY SENIOR HOUSING fitness center, library, and craft/hobby room). Units feature full kitchens, walk-in closets (some units), and private patios or balconies (some units). Occasionally, limited services such an optional daily meal or housekeeping can be arranged for additional fees. Table C-4 and Table C-5 (continued): Congregate Senior Housing • There are a total of six communities that offer congregate senior housing in Anoka County, which together supply the market with 490 units. • Thirty-seven percent of the congregate housing supply is located in Coon Rapids and 34% is located in Anoka. The remaining units are located in the Southern Leg (16%) and Andover (13%). • The average year built for congregate senior housing in Anoka County is 1991 with a range between 1987 (Margaret Place — Coon Rapids) and 1998 (Farmstead Terrace — Andover). • There are a total of 41 vacant units for an overall vacancy rate of 8.4% in Anoka County. However, Boulevard Apartments is an outlier with 32 units vacant for a project -specific vacancy rate of 41.6%. Since this project does not mirror the performance of other congregate properties in Anoka County, we exclude it from the vacancy calculation to arrive at an overall 2.2% vacancy rate. This vacancy rate is below market equilibrium for congregate senior housing (7%), which indicates health in the market and potential pent-up demand for additional congregate senior housing. • On a weighed average basis, one -bedroom congregate units have a monthly rent of $1,129 for 684 square feet, or $1.65 per square foot. Two -bedroom units average $1,476 for a 961 square foot unit, or $1.54 per square foot. • The surveyed congregate developments feature several common areas, underground parking and guest suites for additional fees, transportation, activities, optional meals, and housekeeping. Typically, residents pay for electricity, phone, and cable service. Walker Plaza and Margaret Place include one meal per day in the monthly rents, and River Oaks includes ten meals per month. Meals are optional at the other developments. Table C-4 and Table C-5 (continued): Assisted Living Senior Housing • Anoka County has a total of 15 senior housing communities that offer assisted living housing, including the recently opened Lino Lakes Assisted Living community. Together, these communities supply 555 units of assisted living housing to the market. • Coon Rapids contains the highest percentage of assisted living housing in the County (36%), followed by the Southern Leg (27%) and Blaine, Circle Pines, & Lexington (18%). • Surveyed communities were built between 1990 (Walker Plaza — Anoka) and 2009 (Lighthouse of Columbia Heights and White Pine — Blaine). Additionally, Lino Lakes Assisted Living opened in November 2010. The average year built is 2001. MAXFIELD RESEARCH INC. 66