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

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ANOKA COUNTY HOUSING STUDY SENIOR HOUSING • Overall, assisted living housing currently has a 6.7% vacancy rate. However, the majority of assisted living properties have no or only one vacancy, with the exception of Crest View on 42" (14 vacant units, or a 34.1% vacancy rate) and Royce Place (13 vacant units, or a 20.3% vacancy rate). The market overall appears to be performing very well with a 0.9% vacancy rate after excluding the two atypically high projects. • Monthly rents for service -intensive housing (assisted living and memory care) vary widely between communities due to the differing levels of personal care and other services included in the monthly rents. In Anoka County, base assisted living rents for an efficiency unit begin at about $1,800 and range up to $4,000. • Most facilities include three meals per day, weekly housekeeping, flat linen services, activities, and scheduled transportation. However, the facilities vary considerably on the number and level of personal care services included in the monthly fees. Table C-4 and Table C-5 (continued): Memory Care Senior Housing • There are eight communities with a total of 164 units that offer memory care senior housing in Anoka County, including the recently opened Lino Lakes community. Currently, there are no vacant memory care units among the surveyed facilities (expect those in initial lease -up). • Memory care housing is one the newest senior housing alternatives, evidenced by the young age of memory care housing facilities. Six of the eight memory care facilities were in the last decade. Overall, the average year built for memory care housing is 2004. • Monthly rents at Anoka County memory care facilities typically range from $4,500 to $5,000 after factoring in a moderate level of services in addition to monthly rent. All considered, however, pricing can reach as high as $6,500 per month for memory care housing with all- inclusive (or high acuity) specialized memory care services. • The surveyed facilities typically include some services in the monthly rent and have additional services available in tiered packages. Every facility includes most utilities, three meals per day, snacks, weekly housekeeping, laundry services, activities, and scheduled transportation in the monthly rent. Pendine Senior Housing Developments Anoka • Volunteers of America is finalizing plans on a 221-unit continuum of care campus in Anoka called The Homestead. Phase I will consist of a building containing 29 congregate and 29 assisted living units and 120 skilled nursing units followed by Phase II with 43 units at an unspecified service level. The Homestead is expected to break ground in Spring 2011. MAXFIELD RESEARCH INC. 67