Updated almost 8 years ago on . Most recent reply
55+ Senior Living Facility
Hey BP,
I am looking at a purchase a 24 unit building - It is brand new build, it's a 29,000 square foot facility. I am getting it for a good price. Originally created to be an assisted living facility, the team member that was going to be the administrator of this sadly passed away. The builder is currently now selling this as a distressed asset. I have it under contract, and am in my due diligence period at this time. I am seeking to convert this to 55+ senior living as it has the amenities, would be considered an A property, and is in an area that has a waiting list of highly qualified tenants and senior citizens.
Does anyone know specific laws regarding 55 up only? Or restrictions, or standards that I need to consider? Or can I put property management into place with the posted signage and advertisements that this is a 55+ senior living facility? Any insight into this, and rules in Ohio would be greatly appreciated. We're looking to close by weeks end.