Seniors Housing Business

MAY-JUN 2018

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

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Page 21 of 40 21 May-June 2018 n Seniors Housing Business WE DON'T MEASURE SUCCESS IN TRANSACTIONS. WE INVEST IN RELATIONSHIPS. We offer more than just attractive capital, we are a partner in your success. 888.393.8248 15-year outcome to qualify for the tax credits. Without the ability to raise rents, the company must keep operating costs as low as possible. McCabe also says that, like MWHS, lowering operating costs is a directive because of a vulner- able tenant population that needs money for healthcare and grocer- ies, not heating bills. Development costs for Passive House construction will be higher due to items such as an increased amount of insulation, energy recovery ventilation systems and triple-glazed windows, as well as a higher skill set required of the con- struction team. Construction timelines are lon- ger for Passive House construction than they would be to build a typi- cal seniors community. LEED certification is also in progress for Fairwood Commons. Out of Woda Cooper's portfolio of 320 properties, 55 have been cer- tified through LEED, Enterprise Green or EarthCraft green build- ing certification programs. Part of doing business Green building construction, design and operations are likely to become so commonplace that eventually asking whether it pays to be green will be a moot point. "Twenty years ago, I saw very limited interest in green buildings from the perspective of residents or their families," says Bill Cook, director of development for Bench- mark Senior Living. "And there was almost no interest from own- ers or developers. The overwhelm- ing response from owners was that it was too expensive, took longer and wouldn't come close to gener- ating a payback." Cook says about 10 years ago LEED became more mainstream and somewhat fashionable, which allowed owners to charge higher fees. But now, from the owner's per- spective, LEED or green require- ments are simply becoming stan- dard practice. Building and energy codes — even outside California — are requiring increased insula- tion, ventilation and reduced util- ity consumption just to comply. Cook says that utility companies are offering rebates and incentives for increased efficiency. "Volatile organic compounds (VOCs) in products such as floor- ing, painting, adhesives, wall cov- erings and cabinets have gone the way of leaded gas," adds Cook. "Site orientation, passive solar and ventilation and locally sourced products are now not 'special,' but rather the basis of good design. In terms of residents and fami- lies, I think they have learned that LEED is just another label. They have become informed and savvy enough to ask the questions to see if the building has the features they desire." n Metro West Housing Solutions enrolled in the Energy Star Portfolio Manager program to measure electric, gas and water usage at its CityScape at Belmar property in Lakewood, Colorado. The community is also certified LEED Platinum.

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