Search
 

Retirement Community Hits 70% in Early Deposits

ISSAQUAH, WA-Other real estate sectors may be struggling with pre-leasing and vacancy rates, but Eric Rovner says retirement centers are faring better. Scheduled to open next fall, University House at Issaquah already has deposits on nearly three-quarters of its units.

By Janet Parker | Updated on March 22, 2002

ISSAQUAH, WA-Retirement communities are doing “incredibly well,” according to Eric Rovner of Seattle-based ERA Care Communities, a developer and manager of retirement properties in Puget Sound states. “This has been one of the least-affected segments of the real estate industry in Seattle.”

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.