Anyone have luck converting a multi to a 55+?

Question

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

Jonathan Cope · Answer

Good evening, Matt

I recently came across an article related to your question in the NY Times (link below).

The article concerns NJ 55+ modifications as approved by then governor Jon Corzine.

Some of the developers noted in the article might be sources for you.

http://nyti.ms/IMBR4K

John Van Uytven · Answer

I haven't, and it doesn't sound like you should.

If you are not going to offer amenities.

Are they all first floor?  Do you have elevator access?

Are they easily navigated by handicapped?

Wheel chairs, Canes, Walkers

How big are the bathrooms?

My Grandmother had one of the walk in tubs installed in her house.

She is handicapped.

Why would this area appeal to the more senior community?