On June 30th, Seniors Housing Business hosted a webinar, “Active Adult — How to Define It and Where is the Industry’s Hottest Segment Trending?” with our panel of experts. Because the panelists were unable to answer all the questions asked during the Q&A portion of the webinar due to time constraints, below are answers to some of the audience questions from experts Michael Uccellini, The United Group; Margaret Wylde, ProMatura; Mitch Brown, Greystar; and Robert May, Avenida Partners. If you missed last week’s Seniors Housing Business webinar or would like to listen …
Active Adult
Resort Lifestyle Communities to Break Ground on $30M Active Adult Community in Wellington, Florida
by Jeff Shaw
WELLINGTON, Fla. — Resort Lifestyle Communities (RLC) is scheduled to break ground on July 23 for Palomino Gardens, an active adult community in Wellington, approximately 65 miles north of Miami. The $30 million, 180,000 square foot community is the sixth RLC location in Florida. The number of units was not disclosed.
On June 30, Seniors Housing Business hosted a panel discussion called “Active Adult — How to Define It and Where is the Industry’s Hottest Segment Trending?” Experts from the seniors housing industry joined to talk about what makes active adult/55+ market a large and quickly growing segment. Click to watch to this engaging webinar. “Adult children are big influencers in the decision to move to active adult living. Also, seniors are looking to sell their home and take that equity and travel. They are looking to rightsize, not necessarily downsizing,” points …
High Street Residential Completes 169-Unit Active Adult Community in Evanston, Illinois
by Jeff Shaw
EVANSTON, ILL. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Evanston, a 169-unit active adult community in Evanston. The community, reserved for residents 55 years of age or older, offers a mix of one- and two-bedroom units in an 18-story high-rise. Amenities include a bistro bar, business center, activity center, pet spa, dog run, fitness center, theater room and chef’s kitchen. On the top floor, residents have access to a rooftop deck with a pool and fire pits. Allegro Management Co. operates the property.
SAN ANTONIO — Aspen Heights Partners has broken ground on its first active adult community, Dolce Vita at Cibolo Canyon in San Antonio. The property will feature 150 age-restricted apartments and 208 parking spaces in a four-story building. “The Cibolo Canyons area is an ideal locale for a community such as Dolce Vita, which we are developing in response to the specific needs of the area’s population,” says Greg Henry, founder and CEO of Aspen Heights Partners. The neighborhood surrounding Dolce Vita is within a few miles of a wide …
NAPERVILLE, Ill. — McShane Construction Co. has completed construction of Avenida Naperville, an active adult community in Naperville, a western suburb of Chicago. The apartments are reserved for those age 62 and older. The community features 13,000 square feet of amenity space. Designed by Meeks + Partners, the property incorporates a total of 146 apartments across six two- and three-story buildings.
CHARLOTTE, N.C. — Caring.com, a senior living referral and review service has acquired SeniorHousingNet.com, a senior living and active adult lifestyle website that was formerly part of the realtor.com network. In addition to active adult properties, SeniorHousingNet.com includes information and directory listings for senior living, in-home care, adult day care, respite care and skilled nursing. “Acquiring SeniorHousingNet.com enables us to expand digital marketing opportunities for our partner network of senior living communities and in-home care agencies, as well as SeniorHousingNet.com’s current advertisers,” says Caring.com CEO Jim Rosenthal.
InterFace Active Adult Conference to be Rescheduled — New Event Date to be Announced Soon
by Jeff Shaw
DALLAS — Due to the coronavirus outbreak and because Seniors Housing Business and the InterFace Conference Group value the health and safety of our attendees and the industry, the inaugural InterFace Active Adult conference, which had been set for May 12 in Dallas, will be rescheduled. The full day conference, the industry’s first event devoted entirely to the red-hot active adult/55+ market niche, will still take place in Dallas at the Omni Las Colinas, the original location. InterFace is actively working to secure a new date to make sure the event …
Collaborations with builders and designers could help developers achieve profitability in this growing sector. By Drew Blaylock, Director of Preconstruction, ARCO Living Group As developers work to stay in front of the changing seniors housing market, the development of active adult rental communities continues to increase, but not without challenges. For seniors housing developers, there is a high amount of risk associated with creating a new product type that is similar to traditional seniors housing facilities but charges rent rates more in line with a standard multifamily product. There are …
VENICE, Fla. — Pensam has provided $56 million in financing for the Floridian Club of Sarasota, an active adult community in Venice, located on the Gulf Coast approximately 70 miles south of Tampa. The loan replaces the construction financing on the property and provide capital for the lease-up of the newly built, 309-unit property. The floating-rate loan has a term of three years with extension options. The community is made up of for-rent, single-story villas and poolside bungalows. The property comprises one- and two-bedroom units with rents ranging from $1,600 …