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.
@Charlie Palmer This could be a slippery slope- who constructed the building and what funding source did they use?...what are the in-place deed restrictions?
Assuming this is a private build based on your remarks, but just assuming...
The bulk of your questions are related to Fair Housing...Federal & State.
@Brandon Sturgill , thanks for the reply. This was a private build, the company that constructed the build is pretty reputable in northwest Ohio, and this particular model has been completed 4 times prior to this build. No in-place deed restrictions that I noted, and the it is appropriately zoned. The city also provided written documentation, that they'd be willing to assist in zoning changes if need be for an office / residential component, senior living, or just straight apartments. I felt as if this would be difficult to do with straight apartments considering they are all 1BR apartments - though sizable for 1BR. I am just trying to make sure that this is an option for putting management in place, to then rent this out.