RPP – Senior Living vs. Multifamily with Daniel Morris
Dylan Marma and Mike Taravella interview Daniel Morris, Principal of Senior Housing & Healthcare of Plains Commercial, to discuss the niche of Senior Housing.
- Senior Housing is treated as a business that has real estate
- Trend for more specialized senior housing
- More intensive care
- Less intensive care – active lifestyle/independent living
- Operators of Senior Housing are generally specialized in 1 to 2 types of care max
- Payroll is the number one expense in operations of Senior Living
- Cap rates increase the more care is offered
- Preferable Markets:
- Secondary & Tertiary Markets
- Less Competition for Labor
- Primary Markets
- Being close to young families
- Secondary & Tertiary Markets
- Expert Pro Tip: Partner with a vetted management company to learn systems and best practices
Contact Information:
Phone Number: (405) 445-5799
Email: daniel.morris@plainscre.com
Attend Multifamily Mastery 3 and use the discount code “RPFAM” for 20% off!
Invest with Rand Partners
Follow Us on Linkedin @Randpartners
Follow Us on Instagram @Randpartners
Follow Us on Facebook @Randpartners