Anyone have luck converting a multi to a 55+?

[Matt Faircloth]

Hey All,

We have a row of (5) 4 unit apartment buildings in NJ that I was thinking of approaching the local township to get approval to convert them to an age restricted building (55+).  I don't think we would offer much in the way of amenities and there is not community room on site.  We would be looking to do it strictly as a management play.  The units are not large and the second bedroom in the 2 bedroom is really small so it works for those that are down sizing.  Also our best tenants are older - our problems are coming from the younger tenants.

I'm curious if anyone out there has done a conversion of an existing building into a 55+ and how it changed the management requirements of the building.

Thanks!

Matt