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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.

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