ORLANDO—Florida is known as a retirement haven, but with more people moving south from New York, Boston and other Northeastern cities assisted living communities are seeing opportunities. And Central Florida seems is a notable beneficiary of the migration.

GlobeSt.com sat down with George Pjevach, director of Multifamily Services at Colliers International Central Florida, to get his thoughts on what's going on in this demographic and how it's impacting healthcare real estate in Winter Park. You can still read part one of this exclusive interview: One Florida Multifamily Submarket to Watch.

GlobeSt.com: Winter Park has a number of age-restricted multifamily properties. What can you tell us about those communities?

Pjevach: There are five assisted-living communities in Winter Park that are currently at 100% occupancy and have waiting lists as long as nine months. With an estimated 63 million Baby Boomers expected to retire within the next 13 years, many individuals in this age group are already retiring at a rate of approximately 10,000 per day nationwide. We're seeing an influx of retirees migrating to Winter Park and taking up residency in the age-restricted multifamily properties.

Florida has always been an attractive state for retirees, with nice weather and no state income tax. Florida has been seeing significant population growth that is expected to surpass that of New York sometime this year. As a result, we expect Winter Park age-restricted facilities to continue experiencing rent growth and strong occupancy.

GlobeSt.com: What are your predictions for multifamily properties in Winter Park in the coming months and years?

Pjevach: With 54 multifamily properties and a total of 11,786 units, Winter Park is built out. There is a high demand and low supply of available land for development, which helps maintain asset values and consistent appreciation. In fact, in Downtown Winter Park, land is valued at over $1 million per acre, depending on the street.

Rents and occupancy should stay strong for investors with less-than-normal risk. This trend should hold capitalization rates low. However, we do not expect rents to increase as quickly as they have the past two years, as residents' income has not grown at the same pace.