Rovner's enthusiasm is based on the numbers, Rovner tells GlobeSt.com. ERA Care Communities' five-properties here are sporting occupancy rates between 96% and 100%. "The industry as a whole in Puget Sound (the properties in which cut a broad swath across quality and amenities) is running between 90% and 95% occupancy," he says.
Rovner attributes the success for a "host of reasons. For one, he believes the elderly didn't have as much money invested in high-tech companies and, as such, were less affected by the havoc the securities markets the last few years. For another, he notes the strong value increases in Puget Sound housing--with the equity in retirees' homes putting a boost to their retirement assets.
Punctuating Rovner's characterization of the market are the numbers being posted by ERA Care Communities' latest project, the University House at Issaquah. Now under construction, the center has received deposits on 147 of its 212 units six months before the first tenants are scheduled to occupy the building.
The center, located at 22975 SE Black Nugget Rd., will be a mix of assisted and independent living apartments. It is being built in affiliation with the University of Washington Retirement Association. Although the community is open to others, former UW faculty are granted priority on the deposit list and the requirement to pay a one-time $1,000 surcharge is waived. Rovner expects the tenant mix to run 50/50 UW retired faculty and others.
The units in the 257,632-sf building will range in size from 415 sf to 2,081 sf. Rents will run $1,850 per month to $6,825 per month for a three-bedroom two-bath apartment. A $550 per month charge will be made for additional tenants. This is the second retirement center Era Care Communities (privately owned by Seattleites Eli and Rebecca Almo) has developed in conjunction with the University of Washington. The first, completed in October 1997, is the University House at Wallingford, which Rovner says has essentially run at 100% occupancy since its opening.
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