STUART, Fla. — The United Group of Companies Inc. has received a $32 million construction loan from Knighthead Funding for The Sovana at Stuart, an active adult development in Stuart. The Class A community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet. The number of units was not disclosed. The Sovana at Stuart will also feature an 8,000-square-foot community clubhouse with a living room, fireplace, pantry kitchen, game room, arts and crafts room, media center, fitness center and private salon. The United Group’s affiliate, …
Active Adult
From processes to spaces, senior living design and construction are in for a change. By Drew Roskos Now in month six of our country’s full-scale reaction to the COVID-19 pandemic, we are all embracing today’s heightened awareness of public health across the board, especially in our field of senior living. As of this writing, roughly one-third of COVID-19 cases reported have been in senior living communities. As research continues to teach us more about the spread of the virus who is at the greatest risk, we are also likely …
NAPERVILLE, Ill. — Avenida Partners has completed construction of Avenida Naperville, an active adult community for residents over age 62 in the Chicago suburb of Naperville. The community totals 146 units. The community postponed its grand opening due to the COVID-19 pandemic. “We opened Avenida Naperville to meet the needs of the many adults that, as they get older, desire a smaller, maintenance-free home without having to sacrifice their independence,” says Michele Clemen, the community’s executive director. “The location offers easy access to the incredible cultural amenities of downtown Naperville …
High Street Residential Completes Avidor Minnetonka Active Adult Community in Minnesota
by Jeff Shaw
MINNETONKA, Minn. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Minnetonka, a 168-unit active adult community in Minnetonka. Allegro Management Co. operates the six-story community, which will welcome its first residents later this month. Units are restricted for those over age 55. “There was a shortage of adequate for-rent 55+ seniors housing options in Minnetonka,” says Mary Boehlmer, a senior associate with High Street Residential. “Avidor Minnetonka serves the baby boomer’s growing desire to live in an urban environment, makes economic sense by offering affordable …
FORT WORTH, Texas — Greystar Real Estate Partners has unveiled plans for Album Keller Ranch, an active adult apartment community in Forth Worth. Developed in partnership with The Carlyle Group, the 180-unit community will be the first under the Album brand. “Album was created in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost,” says Jackie Rhone, executive director of Greystar Active Adult Apartment Homes. Album Keller Ranch is scheduled to open in spring 2021. The community is …
WINTER PARK, Fla. — Greystar Real Estate Partners is developing Overture Hamlin, an active adult community in Winter Park, a suburb of Orlando. The apartment community will feature 110 one-bedroom and 70 two-bedroom units, plus 9,000 square feet of amenities. It is locate along Lake Hancock, nearby to both Walt Disney World and a variety of healthcare providers, including Orlando Health and AdventHealth Orlando facilities. Greystar expects to complete construction in summer 2021.
Realty Capital Acquires 77 Acres for Mixed-Use Project in Texas to Include Active Adult
by Jeff Shaw
MANSFIELD, Texas — Realty Capital Management has acquired 77 acres in the Fort Worth suburb of Mansfield for the development of Watson Branch, a mixed-use project. Preliminary plans call for 10,000 square feet of retail and restaurant space, 250 single-family homes, a 190-unit active adult community by Greystar, a 350-unit apartment complex by Trinsic Residential and a 10-acre public park. Louisiana-based First Guaranty Bank partnered with Dallas-based Realty Capital Partners to finance the acquisition of the land.
VIERA and PONTE VEDRA, Fla. — RangeWater Real Estate is preparing to open its first two active adult communities under its new Olea brand. The properties are Olea at Viera near Orlando and Olea at Nocatee in Ponte Vedra, a suburb of Jacksonville. The new Olea brand is designed for empty nesters looking to lead an active and social lifestyle with the convenience and freedom of apartment living. The two projects are located 140 miles apart on Florida’s east coast and mark the start of RangeWater’s age-targeted housing expansion across …
SUGAR LAND, Texas — Gardner Capital has completed construction of Gala at Four Corners, a 93-unit active adult community in the Houston suburb of Sugar Land. Gardner Capital developed Provision at Gala at Four Corners with the city of Sugar Land, partnering with RBC Capital Markets and the Fort Bend Housing Finance Corp. The general contractor was GCRE Construction and the property manager is Allied Orion Group.
The active adult segment, sometimes referred to as 55+ housing, has a bright future according to many of its developers. To stay ahead of the game, though, operators need to carefully consider both how they define their product and what they offer in order to capture a new resident who is looking for a certain type of lifestyle. That’s according to panelists on a webinar titled “Active Adult — How to Define It and Where is the Industry’s Hottest Segment Trending?” Seniors Housing Business hosted the webinar, which ProMatura Group sponsored. Panelists …