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Senior Housing Occupancy Increased in 4th Quarter

Senior housing occupancy increased in the U.S., in the 4th Quarter of 2022, according to data from the National Investment Center for Seniors Housing & Care.   The national occupancy rate for 4th quarter 2022 for private-pay seniors housing reached 83.0%, from 82.1% percent in the third quarter.

 

Since the second quarter of 2021, the occupancy rate has recovered from a post-Pandemic low of 77.8%.  The seniors housing occupancy rate increased for the sixth consecutive quarter due to continued strong demand that has exceeded new senior inventory growth. Because new inventory has been added during the pandemic, however, the occupancy rate has not yet reached pre-pandemic levels, according to the NIC.

 

Industry observers,  developers and senior living & care consultants have experienced increased challenges with new project feasibility, in the post-Pandemic period.   The senior housing asset class was significantly impacted by the Pandemic, but the industry was already suffering prior to Covid-19’s impacts.   But the continued recovery has many real estate investors looking to add private-pay senior housing to their portfolios in coming years.   According to JLL, Primary and Sun Belt markets are experiencing the highest concentration of new senior construction.

 

The NIC senior housing occupancy data is for private-pay seniors housing, and includes independent living, assisted living and memory care facilities for seniors.   The NIC refers to this data as their NIC MAP Vision data product.  The National Investment Center for Seniors Housing & Care (NIC) is an Annapolis-based nonprofit firm that tracks industry data from 31 U.S. metropolitan markets.

 

For more information about nationwide senior housing occupancies at private-pay facilities, visit the NIC here.

happy holidays from The Adventure Entertainment Cos.

Adventure Entertainment Cos. has new website.

The Adventure Entertainment Cos., an affiliate of StoneCreek Partners (“SCP”), has launched a new website at AEC Creative – in Beta form.   Some of the client experience and specific projects that have been listed here along with SCP experience will be moved over to AEC Creative.

 

The Adventure Entertainment Cos. (AEC) is a conceptual design and project implementation company, focused on themed attractions, location-based entertainment, and outdoor recreation.  AEC regularly collaborates with StoneCreek Partners during the project feasibility and conceptual design stages of client assignments, providing early “previsualization” of potential site organization, project massing and relative scale, and exploration of guest scripting and experience.

 

AEC has also established ventures with 3rd-party organizations for the operation of niche destination facilities in outdoor recreation (GoBOLD Adventures), creative campuses (Monumental Studios), and living stories (StagePlex).   These new ventures are led by highly-experienced professionals in these industries, including Paul Bierman-Lytle, Justin Zoladz, and Robert “Bob” Johnson, among others.  The purpose of Adventure Entertainment Cos. having a new website, is to prepare for more direct-to-consumer communications about these coming destination facilities.  The Adventure Entertainment Cos. is committed to the creation of destination experiences for major project as well as smaller intra-regional locations, that combine the outdoor recreation, extreme sport, themed, and location-based entertainment industries.

The 15-Minute City concept gains tracking.

The 15-Minute City Concept Gains Traction

The-15-Minute City concept is gaining traction around the world as a placemaking tactic and means to enhance quality of life.   Although “city” is used in this coined term, this planning concept is more about a focus on livable neighborhoods and districts.

 

The “15-minute city” is a term for urban design and master planning wherein it is possible to meet the basic “needs of living” within a 15-minute walk or bike ride from a person’s home.  The needs of living include such services and amenities as:

 

  • Places of work, or, at least a coworking venue;
  • Grocers;
  • Pharmacies;
  • Schools for children, youth;
  • Health care or medical facilities, or simply, doctor and dentist offices;
  • Recreation, leisure and/or green spaces; at least a pocket or linear park;
  • Cultural venues;
  • Mass transit accessibility;
  • Affordable housing is assumed;
  • Flexible zoning to allow places with different day-part uses, such as local school facility that can be a community gathering place at night or on weekends; and
  • Places of worship are seldom mentioned as part of the 15-Minute City concept, but such places may be among the most successful community-building forces that have existed.

 

 

The planning term was first coined by by Prof. Carlos Moreno, a professor at Sorbonne University (Paris, France).  Prof. Moreno is the director of entrepreneurship and innovation at The Sorbonne.  Though popularized by the professor, the 15-Minute City concept itself  has been explored in major cities throughout the world from Melbourne to Portland, prior to its burgeoning popularity as an planning concept.

 

During 2020, the 15-Minute City concept has surged in interest as a sturdy planning concept alongside the increasing acceptance of coworking facilities and communities.   Coworking venues situated in close proximity to homes simply adds an additional destination within a 15-minute “neighborhood” that is vital within a 15-minute radii.

 

The 15-Minute City concept is a multi-faceted placemaking tactic.

Another aspect of making the 15-Minute City concept workable is the presence of affordable housing within each 15-Minute City cluster.  Many neighborhoods and districts around the world may work well for most required services and work places, but do not have the array of housing choices necessary.

 

Integrating the 15-Minute City concept with allied planning concepts is particularly interesting to local governments charged with numerous quality of life objectives and economic development initiatives.   A 15-Minute City imperative, as an example, is also deemed helpful in reducing the use of fossil fuels (vehicles), fighting carbon emissions, and thereby fighting climate change.  Also, applying the 15-Minute City thresholds of accessibility also advances the objectives for some groups in reversing local zoning codes to allow increased affordable housing options and thereby, more diversity, inclusion, and social justice.

 

The 15-Minute City concept has created such interest that purpose-built apps have been created to evaluate any particular location for 15-Minute City thresholds. Here Technologies (Eindhoven, Netherlands) is one such company that has created this kind of threshold’s map to answer the question – Do You Live in a 15-Minute City? We expect that the 15-Minute City parameters and software applications that track such notions, will join similar concepts as a niche investment asset class among those pursuing environmental, social, and governmental investments (so-called ESG Investing).

Senior Housing at Record Low Occupancy

Senior Housing at Record Low Occupancy

Senior housing at record low occupancy during the 3rd Quarter of 2020 according to the National Investment Center for Seniors Housing & Care (“NIC”).  According to this new data, the seniors housing and care sector is now experiencing its largest drop in occupancy on record.

 

Key findings from NIC’s report show varying occupancy levels for the categories of senior housing types, including:

 

  • Senior housing occupancy averaged 82.1% during the third quarter of 2020, down about 265 basis points from the prior quarter.

 

  • The occupancy rate for independent living properties and assisted living properties averaged 84.9% and 79.1% during the third-quarter, respectively.

 

  • The occupancy rate for nursing care properties averaged 76.0% in the third quarter of 2020.

 

NIC publishes its Market Fundamentals report each quarter.  The Market Fundamentals report compiles current quarter data from more than 15,000 seniors housing and care properties in 140 U.S. metro markets.   NIC’s Market Fundamentals report is prepared by its MAP® Data Service (established in 2004), which seeks to provide reliable and objective time-series data that investors, operators, and analysts can use to make informed investment decisions.  With each quarterly report, data is summarized for independent living, assisted living, memory care, and nursing care facilities.

 

The National Investment Center for Seniors Housing & Care (NIC) is a nonprofit 501(c)(3) organization whose mission is to support access and choice for America’s seniors by providing data, analytics, and connections that bring together investors and providers.

Dubai Announces Innovative Retirement Program for those Over 55 Years Old

SCP’s The Growth Monitor

 

Dubai is known for its innovative economic development programs, and with its announced retirement program it has again matched its reputation.   Retiring in Dubai can be an attractive proposition for many given the city’s open-door policy, tolerance, and quality of life.    This particularly economic development strategy successfully leverages existing regional assets with a new target market (retirees).

 

“Retire in Dubai,” the first of its kind in the GCC region, is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai).  Dubai’s program is focused upon resident expatriates and foreigners over the age of 55 who are seeking to retire.   Eligible applicants will be provided a retirement visa, renewable every five years, provided they can meet one of three financial requirements for eligibility.  The eligibility can be based on either a minimum monthly income, savings, or the value of the Dubai owned property.

 

More details about the program were detailed in an Arabian Business article of September 3, 2020:  Dubai launches retirement programme for over-55s.

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