Seniors Housing Business

JUL 2018

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

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Editor's Letter 6 Seniors Housing Business n July 2018 What are the limitations of a mar- ket study? In light of overbuilding concerns in some major metros, it's a salient question. During our Inter- Face Seniors Housing Midwest con- ference in June, a panel of industry experts tackled the topic. The textbook definition of a mar- ket study is a comparison of supply and demand within a defined geo- graphic area. It is a risk-assessment tool. Rick Banas, vice president of development and positioning at Gardant Management Solutions, considers a market study to be a snapshot in time that can help an owner or operator formulate strate- gies for developing a community. "[A market study] helps you iden- tify red flags, caution flags. It may provide a green light, but it is not the only element that can give you an indication whether a project is a go, no go, or whether it is going to be successful," said Banas. Dave Erickson, vice president of real estate development for the Ryan Cos., said one step he takes early on in the market study pro- cess is to mesh the NIC data on supply and the Esri data on demographics with "our boots on the ground knowledge." Alan Plush, presi- dent and senior partner at HealthTrust, which provides appraisal, valuation and advi- sory services to the industry, said he receives two types of phone calls from customers regarding market studies: one where the caller says "we really want to know what the answer is," and the other where the caller says "here's the answer, you need to validate it." "I hate the second call because it undermines the process," said Plush, referring to developers who decide to build a project even before a market study is conducted. Over the years, Plush has learned that the "survivors" in the business are the development teams and operators that read every page of the market study beyond the executive sum- mary to understand its finer points. That's prudent advice. Keep eyes wide open on market studies Matt Valley H O U S I N G B U S I N E S S ® SENIORS Seniors Housing Business® (ISSN 2168-9199) is published six times per year by France Publications, Inc., d/b/a France Media, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Rd., Suite 415, Atlanta, GA 30305. Telephone: 404-832-8262. E-mail: seniors@ Postage paid at Atlanta, GA, and additional mailing offices. POSTMASTER: Please send address changes to Seniors Housing Business, P.O. Box 47065, Plymouth, MN 55447-0065. ©2018 France Publications, Inc. Seniors Housing Business® is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $78; 2 years, $112. Single copies are $15. The opinions and statements made by authors, contributors and advertisers to Seniors Housing Business are not necessarily those of the editors and publishers. To photocopy items from Seniors Housing Business in quantities of 100 or less, authorization must obtained from and a fee paid to the Copyright Clearance Center, 222 Rosewood Dr., Danvers MA 01923. Telephone: (978) 750-8400. For quantities of more than 100 or for PDFs, please contact Barbara Sherer, manager of special advertising at 404-832-8262 or bsherer@ For subscriber services, please call 1-800-869-6882 or write to: SENIORS HOUSING BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065; e-mail: Or visit Chairman and CEO Jerrold France President Scott France Chief Financial Officer Michael F. Jacobs Senior Vice President, Editorial & Operations Randall Shearin Publisher Richard Kelley (914) 468-0818 Media Advisors (404) 832-8262 Eric Goldberg Ryan Nixon Graphic Designer Nick Topolski Editor Matt Valley (404) 832-8262 Managing Editor Jeff Shaw Contributing Writers Jane Adler Published by France Media, Inc. Vol. 7, No. 4 July 2018 N ational Investment Center for Seniors Housing & Care Put an Industry Icon to work for you − visit or call 888.916.1212 and let us help you sell or purchase a facility. Nick Stahler 714.463.1663 Shep Roylance 805.633.4649 Jim Hazzard 714.463.1677 Michael Mooney 503.303.0355 TURN YOUR PHONE INTO THE SENIOR HOUSING VALUATION HOTLINE. Industry Icons are Standing By.

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