Chaplin poised to be the King of Seniors
Kim Pemberton
Sun
Michael Chaplin, who bought his first home at the age of 16, has two large senior projects currently underway in Mission and Creston. The 44-year-old developer plans to build more in B.C., beginning with New Westminster. — RICK COLLINS/ SPECIAL TO THE VANCOUVER SUN
Michael Chaplin may be known as a savvy, ambitious developer, but his attention to an emerging housing market that caters to aging baby boomers may soon see him known as something else — the King of Seniors.
The 44-year-old now has two large senior housing projects underway in Mission and Creston, and plans to continue building more in British Columbia, beginning with New Westminster.
And if there’s any doubt that Chaplin will one day have the title King of Seniors, one only has to look at his track record, which began when many of his teenage contemporaries were working at McDonald’s or babysitting to earn a few bucks. Chaplin, on the other hand, bought his first house, an income-generating property in Langley, when he was only 16 years old. The amicable Chaplin was one schoolboy who knew his math and quickly figured out that real estate was the way to riches. The Langley property had a monthly mortgage of $240, but brought in $900 in rent, giving Chaplin a profit of $660.
Chaplin earned the $7,000 down payment for the $54,000, four-bedroom house by working for his mother-in-law’s management company, painting apartments and doing minor fix-ups. Later, he would become a commercial seafood harvester, while working his way up the property ladder.
Recognizing that real estate could result in a “passive income”, the young Chaplin began amassing rental properties throughout his twenties and thirties, ending up with six multi-unit apartments in New Westminster and Vancouver and a detached home in Aldergrove. One of his former employers has been a long-term tenant in the Aldergrove property, but the Langley house was sold in 2002.
Chaplin, who enjoys being hands-on with all his properties, lives in his first five-plex he bought in East Vancouver and shares a suite with one of his tenants. A solo move to a Kitsilano condo is in the near future.
The move from friendly landlord to senior housing developer was again a no-brainer for Chaplin. Noticing that many of his tenants in his lowrise apartment blocks were seniors, he understood first-hand that there was a demand for quality senior housing.
“Senior housing is the wave of the future. It’s a growing industry. I call it the grey tsunami,” he says. “There’s 1,000 people a day turning 65 [in Canada], and there’s an incredible shortfall of suitable housing.”
Passionate about his new career, Chaplin has been researching the industry for the past four years, and has visited over 20 senior housing complexes in B.C. and Ontario.
Chaplin and an Ontario business partner, who already owns 12 such facilities, were ready to break ground in B.C. and chose Creston and Mission for their debut projects here. Both communities were chosen because of their high numbers of seniors; Chaplin points out that Creston has twice the national average of senior citizens.
The 138-unit project in Mission, called Cedarbrooke Chateau, and the 84-unit project in Creston, called Cherrywood Estates, both feature a lifestyle component that Chaplin calls “havenplex” — a term he has copyrighted.
“Aside from the security they offer, they will be like landlocked cruise ships in terms of amenities, with restaurant-style meals, fireside bar bistro lounges and a fitness centre,” says Chaplin of his first ventures into the world of retirement homes.
And since there will be an activity director in both complexes, residents will never be at a loss for what to do with their time. Other features will include a therapeutic pool, a library and hair salon, to name a few of the on-site amenities.
“I personally look forward to the day I can move into it. Seven out of 10 residents are women so why wouldn’t I want to go,” jokes Chaplin.
But for now, Chaplin, who enjoys cooking and baking, is looking forward to visiting his two housing projects and trading recipes with the ladies.
All of the properties are rental, but unlike many senior housing complexes, these will have larger than average square footage. Chaplin notes a typical condo for seniors is in the range of 380 to 560 square feet but the homes he is building are typically 800 to 1,100 square feet.
Every suite in each complex will overlook lushly landscaped central courtyards — an ideal place for residents to enjoy warm evenings or entertain friends. And with Chaplin’s track record of befriending tenants, chances are high he will be popping over for visits.
For more information call (604) 783-6003. The website for Cherrywood Estates is www.CherryWood-Estates.com.
© The Vancouver Sun 2008
