Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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48 www.seniorshousingbusiness.com Seniors Housing Business n August-September 2015 About the writer Jane Adler is a freelance reporter who has covered seniors housing for more than 10 years. She reports on the industry as well as consumer trends. Energy and Environmental Design (LEED) or "green" con- struction standards, wherever possible. Kendal at Longwood entrance fees range from $70,400 for a studio apartment to $531,400 for a two-bedroom cottage with den and basement cottage. Monthly fees range from $2,877 for a single person to $7,116 for two people. In 2012, an expansion was com- pleted at Kendal at Longwood in Kennett Square, Pa., located near Swarthmore and Haverford col- leges, among others. The expan- sion included 48 LEED-certifed "green" cottages. The cottages are duplexes and feature geothermal heating and cooling, plus sustain- able building materials. The new units are all occupied. Kendal at Ithaca entrance fees range from $157,850 for a stu- dio apartment to $542,800 for a two-bedroom with den cottage. Monthly fees range from $3,055 for a single person to $7,215 for two people. Forging a bond Kendal's association with local colleges offers a competi- tive advantage, says Kelly. "A good relationship with a school provides a leg up to reach stable operations and a durable future." Other developers agree. At its college-linked California properties, Belmont Village has established a priority waiting list for school alums, staff and profes- sors and their family members. The Belmont project near UCLA has been 100 percent occupied for each of the last 12 months. "The university affliation is a valuable marketing tool," says Belmont's Will. Consultant Badler says strong integration of the college and community can produce a more rapid lease-up. Alums, retired faculty and administrators are more likely to join a community closely tied to the university. For example, fndings from Badler's feasibility study for Winthrop University suggested that residents should have access to programs and facilities on the campus, volunteer activities on and off campus, and ongoing social opportunities with college faculty and staff. Despite the university's inter- est, the project has stalled for a variety of reasons, according to a school administrator. Kendal at Oberlin, in Ober- lin, Ohio, has a strong affliation with nearby Oberlin College. The school's music department offers free concerts given by faculty and students, as well as other performances that are moderately priced. Kendal provides free shuttle service for the residents to events. Music students from Oberlin also perform at the Ken- dal community. Residents can attend college courses for no credit and for no charge, and faculty members often give lectures at the Kendal community. Kendal staffers teach a course on aging at Oberlin and pair students with Kendal resi- dents for assignments. Many colleges don't allow retirement community residents to take or audit classes. But those that do may have an advantage, experts say. Lasell Village, a retirement community in Newton, Mass., requires residents to complete 450 hours of educational opportuni- ties annually. "It's a big reason residents move here," says Anne Doyle, president at Lasell Village. The CCRC features 182 inde- pendent living apartments, nine assisted living units and 38 nurs- ing and rehabilitation beds. The community is located on the cam- pus of Lasell College, which has about 2,000 students. The college owns and operates the CCRC. To fulfll the educational requirements, Lasell Village residents can take classes at the school, travel or attend cultural activities. Some of the classes are held at the retirement community. Those who register for classes are not required to take tests and quizzes or write term papers — unless they choose to do so. Residents do not pay for classes or to attend college events or programs. Some classes are even taught by residents. "We are fully aligned with the college," says Doyle. She belongs to the senior management team at the college and attends weekly meetings with the president of the college to explore opportuni- ties between the school and the community. "It's a matter of making it hap- pen," says Doyle, happily noting the retirement community is full. n Residents should have access to programs and facilities on the campus, volunteer activities on and off campus, and ongoing social opportunities with college faculty and staff, the fndings from consultant Gerard Badler's feasibility study for Winthrop University suggest. 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