Seniors Housing Business

ASHA 2018

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

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2018 ASHA 50 65 AS H A 50 2018 Rental demand from baby boom- ers at Alliance's upscale multifamily projects has been on the rise, notes Boyles. The Marvelle brand is aimed at persons age 65 to 74, a group com- prised mostly of baby boomers who are about 10 to 20 years younger than those who typically live in a community with a combination of independent living, assisted living and memory care. "Traditional seniors housing providers are delivering care and are good at doing that," says Boyles. "We are not delivering care, but experience. Baby boomers are clam- oring for lifestyle solutions." Notably, Alliance is also develop- ing a traditional senior living commu- nity in San Jose, California, a combi- nation of independent living, assisted living and memory care. Alliance will not manage the property, but will engage a third-party operator. However, Alliance does plan to introduce more lifestyle amenities to its San Jose building, such as a yoga studio, swimming pool and golf simulator. The seven-story Marvelle at South- center will include 166 luxury apart- ment units. The location in down- town Tukwila offers access to nearby restaurants, shopping, medical offices, and walking and bike trails. The building will feature 13,000 square feet of indoor amenity space, including a wine bar, reading room, yoga studio and landscaped courtyard. The project will offer studio, one- and two-bedroom floor plans ranging in size from 500 to 1,200-plus square feet. Monthly rents are expected to range from $2,100 to $3,500. The individual units will include open layouts and expansive views. In addition, the units will incorpo- rate universal design features to provide accessibility. But Boyles is quick to add that Marvelle at South- center won't resemble traditional seniors housing. "It will look like any modern, best-in-class apartment community." The development is expected to open in the fall of 2019. Selling the lifestyle Other providers are emphasizing lifestyle over care. A lifestyle orien- tation is a "differentiator," or what makes independent living stand out at Discovery Senior Living, accord- ing to CEO and President Richard Hutchinson. For example, the company recently added independent living units to Discovery Village at the Forum in Fort Myers, Florida. The newly expanded property includes a "Grande Clubhouse" with a bistro, theater, salon, fitness center, patios, and game and craft rooms. Based in Bonita Springs, Florida, AMBITION i sider We turn market insight into client advantage. Our dedicated seniors housing and healthcare property valuation experts are up to speed on the evolving regulatory environment, investment impacts and demographic trends to help you achieve your ambitions. us.jll.com/valuation-advisory © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. U.S. property valuation and tax consulting services are performed by JLL Valuation & Advisory Services, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. • Consulting • Litigation support • Market and feasibility studies • Single asset valuations • Portfolio valuations • Property and transfer tax services • Purchase price allocations

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