Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
Issue link: https://seniorshousingbusiness.epubxp.com/i/484276
38 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2015 By Jane Adler Niche retirement communities aren't just for ethnic and religious groups anymore. New projects are being built to target seniors who may not share a certain belief system, but have similar interests or needs, or prefer a certain lifestyle. There are places for arts enthusiasts, military retirees, those exploring spirituality or communal living, college alums, and even members of the lesbian and gay communities. The idea is to build a seniors housing project around a theme to attract like-mined individuals in an effort to provide a fulflling life in retirement. The approach also gives the developer and property owner a focused group of prospects. While new kinds of niche or affnity communities are emerging (see sidebar, page 42), many faith-based communities — once a members-only proposition — are heading in the opposite direction. They're broadening their outlook and rebranding their projects to encourage a wider range of residents. "There will be more niche communities," predicts Margaret Wylde, president and CEO of ProMatura Group, an Oxford, Miss.-based consulting frm that works with seniors housing companies. The industry is already com- moditized, in her opinion, with properties competing on features and price more than on certain niches or lifestyles. "There's a lot of uniformity," she says. Wylde foresees increasing demand for niche communi- ties that support the lifestyle of strong-minded individu- als — places where people can be themselves rather than having to ft into the culture of the community. The hous- ing might be integrated into a master-planned multifamily development or offer a somewhat unstructured indepen- dent living arrangement with services added as needed. "Helping people live their own lives is what they want," says Wylde. "That's what will increase a developer's market share." Los Angeles-based Meta Housing owns and operates three arts-themed seniors housing properties in southern California. Burbank Senior Arts Colony opened in 2006 with 141 mixed-income and affordable units. Long Beach Senior Arts Colony has 200 affordable units and opened at the end of 2012. NoHo Senior Arts Colony in North Hol- lywood, which opened in early 2013 with 126 units, offers a combination of mixed-income and affordable units. The monthly rent at NoHo for a one-bedroom, market-rate unit starts at $1,500. As a well-established seniors housing developer with more than 30 apartment projects for elders, Meta Housing executives sought a way to keep residents engaged in life. New types of affnity communities are emerging even as some traditional properties focused on a single group re-examine their mission. n Development The swıtch NoHo Senior Arts Colony in North Hollywood, which opened in early 2013 with 126 units, ofers a combination of mixed-income and afordable units. The monthly rent at NoHo for a one-bedroom, market-rate unit starts at $1,500. More than just a place to live, residents participate in arts-themed projects, left. niche