Senior housing (NOT assisted living) in Michigan
After thinking aloud and speaking to baby boomers within my family - just wondering whether investors have found success in investing in multifamily properties that are restricted to those 55+....specifically 3+ units. I'm not talking assisted living or any kind of housing with any level of nursing/chore care. Simply properties which are only rented to independent seniors. My mom, who lived in San Diego, often talks about the variety and number of properties in that area specifically for active/independent seniors. Though MI is obviously not the draw CA is (enticing people of all ages to move there)....we do have an aging pop and our own large pop of baby boomers so just wondering whether anyone has found success in this arena in MI? If so, what has your experience been like and what strategies have you had to employ to find success?