Senior Resource Group LLC reports that less than six months after it opened its doors in December, the firm's newest development, The Village at Sherman Oaks, has reached full occupancy of its 196 independent living and 39 assisted living apartments. The $35 million project was more than 90% leased on opening day.
San Diego-based Senior Resource's two under-construction projects, La Vida Real in San Diego and Maravilla in Santa Barbara, are pre-leasing apartments at a rate even faster than that, exceeding the levels achieved by any properties in the company's 15 year history.
Scheduled to be completed by next summer, La Vida Real is expected to be fully occupied on opening day. Maravilla, which is expected to be completed in fall 2003, began marketing with more than 1,200 people on the waiting list for its 363 units. In less than 60 days of pre-marketing, Senior Resource has pre-leased more than 60% of its apartments and cottages.
"What SRG achieved ... is extraordinary, particularly at a time when much of the senior housing industry is still reeling from the effects of over saturation," says Jim Moore, founder of senior housing market research firm Moore Diversified Services.
The "in-rush" pre-lease commitments that convert into actual move-ins average 12% to 15% at independent living senior communities, Moore says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 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.
