It depends on the situation, as senior apartments often have age requirements. Have relocated to be closer to family and friends.Ĭan Children or Spouses Live in Senior Apartments?.Want a place with minimal responsibilities and upkeep.Want the freedom to travel without the worry about property left behind.Have sold their home and downsized to simplify their lifestyle.Senior apartments have a wide range of residents! Here's a snapshot of adults who call senior apartments “home sweet home,” including those who: Compared to studio or suite apartments (which are more communal), multi-room senior apartments can help older adults transitioning to apartment living feel like they are in their own homes. Or, if you need more space to stretch out, choose a multi-room one- or two-bedroom apartment. Other apartments are suite-style, meaning each older adult has their own bedroom while sharing a common living space, kitchen, and bathroom with other residents. Studio apartments offer a compact open floor plan. Senior apartments vary in size and setup. For example, the apartments may offer ground-level accommodations, an elevator, handicap-accessible units, and safety features. Senior apartments are designed with the needs of older adults in mind. As we age, our needs change, and these age-restricted apartments (typically 55+ or 62+ or older) have us covered. Vicinity is the sole stock to trade higher among its peers, up around 9 per cent so far this year, after reporting better rent collection than expected and in recognition of its well-hedged borrowings.Packed with age-friendly accommodations and amenities, senior apartment communities cater to the lifestyles of older adults. The top 200 property stocks have dropped around 23 per cent so far this year as a group, punished by nervy investors worried about the impact of rising rates. If something changes that alters that risk and return proposition, of course we’ll look at that.” “We feel we’re in a good, strong position still to realise those projects. “More than six months ago we started revising our feasibility plans to include more robustness in terms of cost escalation and contingency,” she said. Ms Viney and her colleagues have already factored in the impact of rising costs due to supply chain disruption. Vicinity is targeting returns of 5-6 per cent on its retail and office projects, and 4.5-5 per cent for its BTR apartment developments. The fundamentals of those assets are that there is more we could be doing to extract value from them.” We’re committing to investing in our assets. “These projects are about to go into the production phase of being built,” Ms Viney told The Australian Financial Review. Vicinity is in the midst of weighing up the business case for build-to-rent units, with some $700 million or more worth initially slated.Ĭhief development office Carolyn Viney acknowledged that the current disruption, as the market weathers rising rates and costs, could affect the timing of some projects a little, but the underlying drivers and rationale to redevelop Vicinity’s suburban assets remained intact. Three-quarters of the projected investment will go into mixed-use centres, with a leaning toward offices and apartments. Some 85 per cent of that upside is held within six major malls – Chadstone, Victoria Gardens and Box Hill in Melbourne, Bankstown Central and Chatswood Chase in Sydney and Buranda Village in Brisbane – analysts were told during a briefing on Thursday. Across that network, it has identified around 1.5 million square metres of developable land.Ī render of the apartment development proposed for Buranda Village in Brisbane Shopping mall giant Vicinity Centres could soon become the landlord of more than 1100 build-to-rent apartments as it cranks up the rollout of a $2.9 billion development pipeline, significantly diversifying the uses of its vast suburban land bank.īuilding apartments to hold and rent rather than sell is just one element in an ambitious $2.9 billion plan Vicinity has assembled to maximise the value inherent in its network of 60 suburban malls.
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