ORLANDO—Florida is known as a retirement haven,but with more people moving south from New York, Boston and otherNortheastern cities assisted living communities are seeingopportunities. And Central Florida seems is a notable beneficiaryof the migration.

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

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GlobeSt.com: Winter Park has a number ofage-restricted multifamily properties. What can you tell us aboutthose communities?

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

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Florida has always been an attractive state for retirees, withnice weather and no state income tax. Florida has been seeingsignificant population growth that is expected to surpass that ofNew York sometime this year. As a result, we expect Winter Parkage-restricted facilities to continue experiencing rent growth andstrong occupancy.

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GlobeSt.com: What are your predictions formultifamily properties in Winter Park in the coming months andyears?

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Pjevach: With 54 multifamilyproperties and a total of 11,786 units, Winter Park is built out.There is a high demand and low supply of available land fordevelopment, which helps maintain asset values and consistentappreciation. In fact, in Downtown Winter Park, land is valued atover $1 million per acre, depending on the street.

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Rents and occupancy should stay strong for investors withless-than-normal risk. This trend should hold capitalization rateslow. However, we do not expect rents to increase as quickly as theyhave the past two years, as residents' income has not grown at thesame pace.

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