RETIREMENT LIVING FOR ACTIVE SENIORS - ANYONE INVEST IN THESE?

Question

In Redding, CA where I moved from the fastest growing segment of the market are seniors. I have a 20 acre parcel, that is within 5 minutes of shopping, restaurants, etc. and 10 minutes to hospitals, etc. I currently have a large 4600 sq. ft. house on the property that I lease out. However; I've been considering petitioning the County to allow me to rezone for an active senior retirement residence, where seniors could rent rooms equipped with a small kitchenette (no actual cooking) bedroom and living space. There would be common areas, and group dining hall, etc.

My intention would be to rezone and sell the land to a company involved in the business, or work out a build to suit and develop it for them.

Have any of you been involved in Senior Living for active seniors? (not assisted living)

My intention would be to rezone and sell the land to a company involved in the business, or work out a build to suit and develop it for them.

Have any of you been involved in Senior Living for active seniors?  (not assisted living)

David Frandsen · Answer

@Karen Margrave I've driven by this house many times and admired the property. Although I don't know much about the retirement living situation in Redding I do think you have a great location. I'll be watching this post to see if anything develops. Fun stuff.

Dan Brewer · Answer

Karen -

Very pretty property - I want to live there!

Small coincidence - My grandmother, who lived most of her life in Iowa, moved to Redding and lived in a retirement center there her last 10 years - probably one of those old antiquated ones that you referenced!

I have a senior housing developer/operator in LA, and I will broach him on the area.  I'll get back to you as soon as I hear from him.

Dan

Karen Margrave · Answer

Thanks to you both. @Bill B. @Percy N. I appreciate the thoughts. It was very unexpected, and being in the middle of 2 projects means I've had to step in and finish them along with our son, so it's been a challenge, while at the same time, being a needed distraction at this time, as is trying to figure out the highest and best use for the property in Redding.

Bill B. · Answer

@Karen Margrave

I am so sorry to hear of your loss.

Deepest sympathies to you and your entire family.

I will keep your husband, you, and your family in my prayers.

Karen Margrave · Answer

@Bill B.  Actually, I'm rethinking this again. My husband recently passed away, very unexpectedly, and I need to decide what it is I want to do with the property, sell it, move back there, or ? Right now it's rented out to YWAM Youth With A Mission, and they have it until the end of December.

Bill B. · Answer

@Karen Margrave

Hello,

May I ask how this ended up?  Where are you in the process now?

Thanks for your time and effort.

Bill

Karen Margrave · Answer

@David Frandsen We built that when our son was starting high school. He and his friends used to practice freestyle motocross on the back of the property. We've rented it for the past several years, and I've been trying to figure out what I can do with it. I have a lot of ideas, but think Active Senior Living would be the best fit for the area, or a large Bed and Breakfast.

@Dan Brewer Redding is a beautiful area. My elderly sister just moved into one of the retirement homes on Hilltop Dr. and pays around $3000 per month for a room (it's not assisted living) The current retirement residences have very limited space, and one hasn't been updated since it was built 25 years ago. I would be curious to hear any feedback on the market for retirement living you get. Thanks!

Karen Margrave · Answer

@Dan Brewer I would love to get more information about the criteria they have for developing a facility. I know that space for active seniors is in very limited supply in the area, and much of the space is outdated and in need of remodeling, etc.Though right now it has a SFR on it, that could be worked in to the new design, or scrapped completely, etc. Once I have a better understanding of what it is they look for, I will be better prepared to make a case before the Planning Department for zoning.

I have already talked to them for preliminary opinion, and they said it's not out of the question, as it already adjoins commercial property on one side. It's situated close to the highway interchange for easy access, and the first driveway on the road, meaning no traffic in front of neighboring homes, etc. Also, Shasta Community College is within 1/2 mile where they have first responders stationed.

Though the property currently has a pond on it that we built, it's easy to fill in. It would probably need to be to the smaller end of the scale.

You can check out the property by going to Google Earth 20029 College View Dr., Redding, CA 96003.

Dan Brewer · Answer

Hi Karen,

My particular focus is raising capital for senior housing developers and operators across the country.  These are for traditional, 60-150 bed facilities for assisted living, memory care, and transitional care units.  Its quite possible one of my clients may be interested in developing a facility on your parcel or a portion of it.  Let me know if you want to explore that.

Regarding converting your home into a senior living faciilty, I am not active in that sector.  However, one of the Bigger Pockets members is - @Bill Bradfield .  I am sure there are others, the sector is getting popular.  I suggest touching base with Bill and see if he can help you.  I have a couple other names that I can provide you as well.

Dan

RETIREMENT LIVING FOR ACTIVE SENIORS - ANYONE INVEST IN THESE?

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