Throughout the last year, the active adult sector has proven to be one of the most attractive sectors of seniors housing, and there are three new projects underway. PulteGroup, a prominent builder based in Atlanta, announced it will begin building a 55+ active adult community in North Florida called Summer Bay at Grand Oaks. The community will feature 306 single-family homes, with new homes starting in the low $300,000s and models projected to be ready in early 2022. The project began after PulteGroup noticed an uptick in demand for these kinds of communities in St. Johns County, Florida.
Across the country, Trilogy by Shea Homes, a 55+ brand owned by national homebuilder Shea Homes, broke ground on a new active adult community called Trilogy Valor in southwest Boise, Idaho. Homes will range from approximately 1,342 to 2,367 square feet, and will be available to those who secure a spot on their priority list after attending two information sessions.
A $51 million project is also underway in Grand Island, Nebraska. With an expected completion date during fall 2022, the new community will provide independent and assisted living, memory care and long-term/skilled nursing care. The project will have 157 apartments, including 81 independent living, 20 assisted living, 20 memory care and 36 skilled nursing units. The project has been in the works for several years, but construction was delayed last year due to Covid-19. Pinnacle Bank is providing the major financing for the project.
Affordable senior housing projects have also been popular among developers as the light at the end of the pandemic tunnel moves closer. Two new communities are beginning construction in Sarasota and Naples, Florida.
In Naples, Fairstead is investing more than $25 million to upgrade and convert Goodlette Arms Apartments to affordable seniors housing units, after acquiring the property in February 2021 for $59.5 million, or $238,000 per unit. The community was originally built in 1975, but the redevelopment is expected to be completed in March 2022. Fairstead secured $64 million in tax-exempt bonds and 4% federal low-income housing tax credits from Collier County Housing Finance Authority to fund both the purchase and the renovation. Regions Bank was the LIHTC investor, while Berkadia acted as the bond purchaser, backed by Freddie Mac.
