Boomers Need Affordable Housing, Too
There’s never enough affordable housing supply, and that’s especially true for aging Baby Boomers. That’s why the Illinois Housing Development Authority has financed more than 8,008 affordable units for seniors since ’09.
“The oldest Baby Boomers (1946-1964) are just now turning 68… with this growing population comes a significant shift in housing demand,” says Ryan Cos US director of development in Naperville Dave Erickson. The latest under IHDA’s Section 42 program: a JV of Ryan and Providence Life Services, he tells us. Like the duo’s 80-unit Thomas Place Orland Park, completed last year, $20.6M Arbor Place of Lisle will include 80 age-restricted units, with $3M-plus invested through IHDA.
A challenging part of development is meeting current demand while anticipating future trends, Dave says. On that front, the best you can do is an A-plus location and amenity-rich facility. (Yes, it’s not just Millennials that like bells and whistles.) At the northeast corner of Karns Road and Ogden Avenue, Arbor Place (above, Ryan’s sixth affordable seniors housing project in the Chicago ‘burbs) is surrounded by office and residential. Amenities will include a party room, on-site laundry, and a fitness center, he tells us. Construction is slated for completion in summer 2015 and rents for the one- and two-bedroom units will average approximately $625/month and $795/month.
