Residential Housing & Apartments Archives

Senior Housing Occupancy Increases - Feasibility and Due Diligence Consultants - Rendering of Marina Plaza senior housing facility

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.

Planned Community Consultants - Transaction Consultants and Negotiators

Master-Planned Community – Builder Sales

15.02.2019 Golf course redevelopment and adaptive re-use, Master Planned Community Developments, Project Consultants for North America, Residential Housing & Apartments, Transaction and Dealmaking Projects

Acted as a master-planned community consultant to JMB Realty in connection with ongoing build-out of this major Orange County planned residential golf community. Focused residential product and financial analysis in support of ongoing builder sales program, at this resort-style master-planned golf community in Orange County, California. Financial analysis in support of residential product concepting, subdivision build-out, for Owner’s land development team involved with planning and developing this master-planned Orange County community.

Working with project team members including land planning, civil engineering, entitlement representatives, and in-house client project management and financial staff, the various financial analysis included builder residual calculations to support land sale negotiations to third-party home builders.

Coto de Caza is one of Orange County’s leading master-planned communities. The MPC includes golf courses, equestrian facilities, horse trails, and extensive pathways and hiking trails for residents, all in one of Orange County’s more rural settings.

Project Feasibility for Golf Community

18.08.2018 Golf course redevelopment and adaptive re-use, Land Development Consultants, Project Consultants for Tribes and First, Real Estate Consultants, Residential Housing & Apartments

Al-Shehail Group (Riyadh) / Hopkins Development | As land development consultants we provided a project feasibility for a golf community, with market study, capital budget estimate, and financial projections. Residential product recommendations for the single-family and attached housing units in the development were provided, along with facilities suggestions for a community clubhouse that could support golf as well as additional outdoor recreation offerings.

The project had the working name, Mountain Meadows Golf Community, of McGaheysville, Virginia. McGaheysville is situated near the south fork of Shenandoah River in the heart of the Shenandoah Valley.

This due diligence and feasibility evaluation was to support the Al-Shehail Group of Companies’ potential investment. The site for this to-be-built master-planned residential golf community is situated in rolling meadow lands and foothills near McGaheysville, near Massanutten Ski Resort. The 300-acre project included 420 units in this master-planned golf community.

Following the due diligence effort, StoneCreek Partners was retained by the Al-Shehail Group to revamp and fine-tune the project master plan. Objectives included maximization of the housing along 16,900 lineal feet of golf course frontage. Project naming and naming conventions were also reworked, and golf signature holes were configured to minimize and balance on-site grading. An interesting aspect of the residential product placement on the site, was providing both a direct view onto golf as well as onto the scenic “long views” onto surrounding Shenandoah Valley foothills and mountains.

The master planning work was directly based on the project feasibility for golf community, previously prepared.

Due Diligence for Multi-Family Condominiums

24.08.2017 Due Diligence Consultants, Residential Housing & Apartments

Due diligence for multi-family condominiums, as part of an overall prospective joint venture investment in Calhoun Beach Club in Minneapolis (Minnesota). Our real estate due diligence consulting was on behalf of Nissho-Iwai American Corp., since renamed a part of Sojitz Corp.

Real estate due diligence services were provided in support of client’s underwriting efforts, in connection with a proposed investment in Calhoun Beach Club’s major renovation and expansion. The expansion was to include residential condominiums in a newly-constructed wing of the complex.

Calhoun Beach Club is a well-known local athletics club, social club, luxury apartment complex, and social banquets location, overlooking Minneapolis’ scenic downtown lakes. The residential complex is situated on the shores of Bde Maka Ska (the former Lake Calhoun), convenient to downtown Minneapolis and a network of parks and tree-lined lakes with miles of running, walking and biking paths. An aspect of our due diligence for this multi-family condominiums investment, was consideration of the facility’s location among these area amenities and outdoor recreation, as compared to similar (competitive) facilities in the region.

In January 2018, Minnesota’s Department of Natural Resources (“DNR”) formally replaced the Calhoun name with Dakota (Native American) name, Bde Maka Ska. The Dakota name for the lake means “White Earth Lake.” There have been challenges to the DNR’s name change but so far, the name remains. The former name was chosen to honor John C. Calhoun (1782 to 1850), who was a proponent of slavery and expulsion of Native Americans from their tribal lands. The name change promulgated by the DNR is one of a myriad of such actions taken throughout the U.S., to bring about some balancing of U.S. history as viewed by Native Americans and other “people of color.”

Sojitz Corporation a “sogo shosha” (general trading company) based in Tokyo, Japan. The company is engaged in a wide range of businesses globally, including buying, selling, importing, and exporting goods, manufacturing and selling products, providing services, and planning and coordinating projects, in Japan and overseas. Sojitz was formed in 2004 through the business integration between Nichimen and Nissho Iwai. Prior to this merger, our client (an affiliate of Nissho Iwai) for this due diligence for multi-family condominiums, had been formed by the merger of Nissho Company and Iwai Sangyo Company in 1968.