| IN THE
July 27,
2009 ISSUE |
For-Profit Developer Fills Void in Continuing Care Retirement
Communities
Despite the steep housing downturn, one for-profit
developer is moving ahead with plans for two new continuing care
retirement community (CCRC) projects, a seniors housing segment
historically dominated by non-profit operators.
Integrated Development Group (IDG) has a couple joint-venture projects
under way with the National Electrical Benefit Fund (NEBF), a
Washington, D.C.-based pension fund. IDG is headed by Matthew Phillips,
a former executive at Classic Residence by Hyatt, a big for-profit CCRC
developer and owner.
Assisted Living Avoids Big Slide in Occupancy Amid Housing
Downturn
Occupancy rates at assisted living facilities remain
healthy, despite the sharp economic downturn. According to a
comprehensive study just released by a consortium of industry groups,
the average occupancy rate among buildings open at least 12 months is
94.1%.
That’s only about 1% lower than when the study was last conducted
three years ago. The survey of 500 assisted living facilities occurred
during the first three months of 2009.
Innovative Concept Targets Active Baby-Boomer
Retirees
Oceanic Retirement Communities of America (ORCA) has
started taking reservations for a program that will allow seniors to own
a condo on a private residential cruise ship that also provides both the
independent and assisted living accommodations typically found in
land-based facilities.
"People retire to Florida for three things mainly — warm sunshine,
golf, and the water," says Mel Medina, president of ORCA. "This is a
unique package that provides for all that, plus a wellness
capability."
Ventas Records Gain of More Than $35 Million on Sale of
Non-Performing Facilities
Ventas Inc. has sold six underperforming skilled nursing
facilities to its tenant, Kindred Healthcare Inc., for a total cash
consideration of $58 million. The transaction includes a $55.7 million
purchase price and a $2.3 million lease termination fee. The deal was
announced July 1.
Chicago-based Ventas expects to record a gain of more than $35 million
from the property sales transaction in the second quarter. The gain will
be excluded from funds from operations.
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