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Bakersfield -
Affordable Housing
G.A.S.H.
SB RE Executive Summary
The Genets Affordable Senior Housing Project, G.A.S.H. was established as a scalable concept to create a place with activities and support services that would cater to the specific needs of low income elderly. The G.A.S.H. project addresses the health, social, recreational, and shelter needs of the senior population in the City of Bakersfield; a City in Kern County (that serves more than 60,000 older adults each day) through a wide variety of programs.
The mission of our G.A.S.H. project is to help low income elderly residents improve and maintain a healthy and independent lifestyle and to maximize their quality of life.
We are conscious of the changing demographics in our City’s service area and are committed to growing and adapting our building project to meet the emerging needs. The Genets Affordable Senior Housing Project objectives include purchasing and redesigning an existing building into an Adaptive Reuse hip apartment complexes that provides compliant units for the use and enjoyment of low income elderly community. The design strategy highlights a stylized approach while lowering remodeling costs with an efficient low maintenance code compliant layout.
This Affordable Senior Housing Project plays a vital role in the lives of seniors in providing comprehensive connection to health and social services for seniors in the Kern County communities. This helps seniors not only have accessible spaces but also have access to crucial activities within the area.
Also, the project addresses the emerging issues in multifamily housing of lowering costs and increasing revenue by taking advantage of energy conservation measures, sustainable design, and adding services enhance senior living while generating extra revenue.
The total cost of implementation of our G.A.S.H. Pilot Project is around $300,000.00 for the Quadplex (4 Unit) apartment complex in Bakersfield, CA and renovation & energy efficiency upgrades. Of this amount, $150,000.00 is to be generated from grants from county and city governments and other funders. Your investment of $150,000.00 will complete the funding we need to fully implement this pilot project, and we are excited about the prospect of partnering with you.
Thank you for your consideration of our request.
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Why the elderly? Well with my observation at the will and perseverance of the baby boomers in maintaining a strong work ethic after retirement age, this project seeks to mend broken hearts on broken streets using rehabilitation of people through strategic building design. With the population of baby boomers (born between ‘46 and ‘64) that are over age 65 is set to increase, this particular population is going to inherit trillions of dollars in the next twenty years. And, they are set to live longer and even work for themselves, (the median income of a Bakersfield Senior is around $42,093 - Census.gov) hence, they are set for: a live/work environment and independent living.
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So, the property is there, the residents are there, and, the government is set to cover a majority of their rent through the Section 202 and other programs, then what’s the problem? The main issues for landlords are threefold: inspections, deposits, and, damage.
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Currently there are a few startups that are popping up that provide contemporary (app-based) caregiving services for the elderly. This type of service is not uncommon to the apartment building industry; there are local vendors that provide for trash removal, dry cleaning, etc., and the costs and convenience gets passed on the residents. So, prior to signing the lease agreement the residents will be presented with options that help them with inspection-related services. Or, services that help maintain a great quality of life at the apartment complex. As far as deposits not being required for those in the Home Voucher Program there are two ways to handle this issue: firstly, there must be sufficient reserves of cash-on-hand to cover the move in/out costs (it has been, in my experience, less messy with low income elderly residents than with high income young college student), and secondly, the Home Voucher Program online provides the ability to input extra costs that are related to their clients; then they pay for repairs. Also, with an efficient design and careful use of low maintenance building materials the costs of upkeep should be reduced and help withstand excessive damage. Use of padded concrete walls instead of siding with sharp edges help protect elderly residents within an accessible path-of-travel; use of hardwood floors instead of carpet facilitates safe mobility; and, use of ADA grab bars help provide accessibility to objects and fixtures while protecting the building from damage.
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We have allotted more than two years time to be able to fund the Genets Affordable Senior Housing Project. This allows for enough time to collect the money needed in order to pay for the property, negotiate savings with utility and management companies, and upgrade the architectural design.
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Thus, with cost saving and revenue generating measures G.A.S.H. will be able to solve the issues other landlords had to deal with regarding the Home Voucher Program or regarding Low Income Elderly as residents. Our motto is “great design can save humanity!” So, most of our solutions are within the early remodeling stage and then using vendors during the operation and maintenance stages.
ABOUT US
SB RE Organization Information
Welcome to G.A.S.H.!
The Genets Affordable Senior Housing, G.A.S.H. Project exists to promote multifamily innovation and progressive sustainable design through Senior Living research sponsored by Smiling Bubbles Incorporated. At Smiling Bubbles Inc. we are in the business of beautiful design, and, our mantra is “Great design can save humanity!”
The G.A.S.H. program creates opportunity for Low Income Elderly to enjoy an emerging live/work environment and foster innovation. Smiling Bubbles Incorporated is using this project as a pilot program to research the scalability and franchise-ability of the Affordable Senior Housing business model. Through this exploration the organization aims to purchase more real estate, specifically multifamily buildings, for the growth of our Low Income Elderly Live/Work concept.
The supporters at Smiling Bubbles Incorporated have amassed over three years of experience in property management and over eight years of experience in architectural design. We have worked within the multifamily industry internationally and believe that “to whom much is given, much is required.” Also, we focus on low maintenance buildings with efficient and sustainable design solutions - like G.A.S.H.!
Los Angeles -
Affordable Housing
SB RE Executive Summary
We are conscious of the changing demographics in our Los Angeles City’s service area and are committed to growing and adapting our building project to meet the emerging needs. The Genets Affordable Senior Housing Project objectives include purchasing and redesigning an existing building into an Adaptive Reuse hip apartment complex that provides compliant units for the use and enjoyment of low income elderly community. The design strategy highlights a stylized approach while lowering remodeling costs with an efficient low maintenance code compliant layout.
SB RE Methods and Strategies
To achieve the objectives for our Genets Affordable Senior Housing Project, we will employ the methods outlined below. We have confidence in these methods, as they have been tested and proven successful by most of the other successful Senior Living Centers.
Objective One
Buy an existing multifamily building in a great location in Los Angeles, CA and remodel it using Adaptive Reuse and ADA standards with compliant units for the low income elderly community.
Methods
* Before we move people into the building we intend to conduct thorough Research & Design within 6 months, and inspect the property before purchase.
* Firstly, we need $3,022,700.00 for our research and development phase to document our site in Los Angeles and develop cost reduction and revenue increase options. We need $5,600,000.00 for payment and associated fees to purchase the property. Also, we need around $1,502,300.00 to conduct our in-house performance inspection to prove associated cost reduction techniques and revenue generation strategies.
Objective Two
We need to provide the low income elderly community comprehensive access to health and social services to seniors in Los Angeles, CA, served by our apartment(s). From senior homeless people ready for an upgrade to senior people ready to downsize from a home to an apartment.
Methods
* So, by providing emerging accessible senior living communities we are improving urban & suburban detritus. Thereby giving the low income elderly residents a platform and foundation with which to build upon and use to foster healthy living.
* The $2,407,300.00 goes into the remodel of the building with a focus on senior living, accessibility & health issues and energy efficiency solutions implemented by seniors and the management team that make senior living a profitable venture, as well. Next, $905,000.00 will go into operations and maintenance (O&M) so that the management team can keep up with ongoing building-related and/or resident-related issues, and, help give the residents access to health-related activities in the area.
Objective Three
Ultimately, we will need to upgrade and fully integrate the building with energy saving and accessible measures so that cost is reduced, revenue is generated, and the model remains scalable.
Methods
* We intend to incorporate feedback systems with $1,212,700.00 funding into our operation - the performance simulation - to test scalability and franchise-ability.
* The first step is to gauge and record the performance of the building in terms of financial gains from revenue generation and cost reduction measures, next, is to simulate potential benefits with more units based on incoming revenue. And finally to explore franchising this senior living concept to potential investors.
SB RE Plan of Evaluation
For the research and design phase, we will allocate 6 months to track spending and savings. So, if have to buy or lease a 3D application for computing the building space we can account for the costs, and if it’s cheaper to buy than lease in the long run then we can account for the benefits.
We need around 1 year to actually collect the Funds & Grants before we can approach a lender for a loan. We need to do our due diligence and carefully inspect the building and the site from multiple perspectives. $9,050,000.00 is a considerable amount of money and real estate purchases are a delicate process. However, with a choice property we can get significant returns (use rent to pay mortgage) and multiple streams of revenue (solar offsets, door-to-door services, laundry/vending services, etc).
Property/site inspections must commence within 2 months of purchasing the property. Prior to signing the building contract the property will be appraised and quickly inspected. But, we will conduct our own in-house inspection for issues relating to cost reduction and revenue generation. The first week will be used to document the existing conditions of the building and property. The next two weeks will focus on using energy simulation and other modeling software like Ecotect, Climate Consultant, BiggerPockets Calculator, etc in order to gain locational tips for energy conservation and/or creation. Then the remainder of the time will be spent parsing through virtual and actual data and creating a networked database.
Remodeling will be slated to start after inspections and should take around 6 months. Contractors will bid the project and walk the site in order to generate their estimates and start work. We will focus on switching to low maintenance materials like concrete and metal/steel. We will layout the spaces to provide a safe and secure path-of-travel. And, we will update major appliances to be both code compliant and durable in time.
After the building has been remodeled we will coordinate with the senior living property management company and let them start the process of mastering the day-to-day responsibilities, and, recording the required financial transactions for rents and repairs to the property.
The property managers will generate an Operations & Maintenance plan to address the facility and the government’s needs for the health, safety, & welfare of the low income elderly residents. The management company will be required to update its reports, using SYNCrew software to showcase positive achievements in senior living and highlight areas of major and/or minor improvements.
Also, in terms of insurance, the G.A.S.H. Project will incorporate some redundancy in efficiency through a feedback system (every two years) that makes repetitive analysis of the potential to scale up (or down) the number of units and size of the facility in order to survive changes in the market. So, if business is booming after a few years we can expand, and, if there is excessive inflation and high vacancy we can be more conservative.
Finally, every two years and running concurrently, the feedback system will also include the ability to search for franchise-ability. This way we can set benchmarks (like special inspection dates) that motivate ourselves to maintain great performance while selling the concept of strategic senior living to others.
(Images from Google Images, BiggerPockets.com, Senior Living Fund, etc) copyright 2018
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