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Showing posts for category Senior Housing Sector (Back to Index)
Showing posts for category Senior Housing Sector (Back to Index)
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Hungerford Moves Ahead with Innovative Development Partnership for Seniors Housing and Market Rentals
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(Posted on Nov 24, 2016 at 05:09PM by Michelle Bogle)
A unique partnership is moving ahead with plans to deliver a brand new, low-cost 161-unit development under the City of Vancouver’s Rental 100 Program – a program which encourages the development of projects where all residential units are rentals with capped leased rates. The policy is part of the city’s goal to create 5,000 new units of market rental housing by 2021.
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The partnership includes Hungerford Properties, a private developer, along with the non-profit Odd Fellows Low Rental Housing Society, Terra Special Projects, GBL Architects and the City of Vancouver.
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The project will see the redevelopment of 3595 Kingsway from an aging, dilapidated seniors residence into a new, six-storey, mixed-use development, which will provide 44 affordable homes for seniors. It will also deliver 117 rental apartments and commercial units on the ground floor.
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The Odd Fellows Society, which operates without government subsidies, will own its non-market units and Hungerford will retain the market rental homes through a strata arrangement. Odd Fellows residents will be relocated and current residents will have first right of refusal to move back into the new homes. The development partnership allows the project to happen at no cost and no risk to Odd Fellows.
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“It’s been a great partnership and we are happy to be moving forward to replace the building because it’s on its last legs,†says Marie Olsson, the interim CEO for Three Links Care Society that manages Odd Fellows Manor. “The new facility will allow us to continue to provide safe, clean and affordable housing to seniors on a low, fixed income.â€
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Construction will be starting in Spring of 2017, with completion scheduled for 2018.
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For more information on senior housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with a commercial real estate advisor.
Spotlight on Vancouver’s Senior Housing Market
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(Posted on Sep 29, 2016 at 02:22AM by Michelle Bogle)
While Vancouver is a very young, vibrant city, it is also home to a significant aging population in search of senior housing options that suit their needs for care, independence, services and community. And, this population is aging fast, much like other senior populations across the country, which is bolstering a great demand for quality senior housing options from coast-to-coast.
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According to Statistics Canada, 2015 estimates show that, for the first time, there were more Canadians aged 65 and up than children ages 0 to 14. Nearly 16.1% were at least 65-years-old, compared to the 16% of children ages 0 to 14 years.Â
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That number isn’t looking to decline either. Based on population projections by Statistics Canada, the share of individuals aged 65 years and older will continue to increase and account for 20.1% of the population in 2024, while the share of children aged 0 to 14 years should account for just 16.3%.
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For investors looking to expand into the senior housing sector, the timing is right – especially in Vancouver, where many seniors are looking to sell their million dollar homes and transition into luxury residences, offering a range of senior care options, services and activities.Â
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But, to get into this unique market, you need the expertise of an experienced investment specialist – like our team at Marcus & Millichap Vancouver.Â
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We offer highly effective research, advisory, financing and transaction services tailored to meet the needs of each seniors housing property type. Our associates are well-versed in all assets, including seniors’ apartments, assisted living facilities, independent living facilities, skilled nursing facilities and continuing care retirement communities.
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To learn more about our services and expertise, please contact our office to speak with a broker. Or, to view current investment opportunities, please see our featured commercial property listings here.
Marcus and Millichap – Your Senior Housing Specialists
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(Posted on Apr 6, 2016 at 01:00PM by Michelle Bogle)
Aging Population Drives Growth in the Senior Housing Sector
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(Posted on Mar 21, 2016 at 06:00AM by Michelle Bogle)
When it comes to profitability in the senior housing market, occupancy is the main driver. As populations age, so does the need for available senior residences.Â
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According to Statistics Canada, 2015 estimates show that, for the first time, there were more persons aged 65 years and older in Canada than children aged 0 to 14 years. Nearly 16.1% were at least 65 years old, compared to the 16% of children aged 0 to 14 years.
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And, based on Statistics Canada’s most recent population projections, the share of individuals aged 65 years and older will continue to increase and account for 20.1% of the population in 2024, while the share of children aged 0 to 14 years should account for just 16.3%.
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What does this mean for Vancouver’s senior housing market? It means a significant demand for seniors’ residences and an overall rise in the sector’s profile with potential investors. Plus, with a number of Vancouver-based seniors selling multi-million dollar west-side private residences, there is a growing market of mature adults ready and willing to pay more for luxurious, private care.
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If investing in Vancouver’s commercial senior housing market is of interest to you, please contact our office at Marcus & Millichap Vancouver to speak with an advisor about this growing opportunity.Â
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