We’ve been hearing all about increased interest in the active adult sector, and we’ve been seeing a lot of it too as many new communities have broken ground or opened their doors within the past month. In July, we reported on Trez Capital providing $48 million in construction financing for a new active adult development in Sarasota, Florida, and now the project has officially begun vertical construction.
The 178-unit development named The Alloro at University Groves has been spearheaded by United Group of Companies. Development costs are estimated at $64.5 million, and project partners include Current Builders and Trez Capital. Adam Horowitz of Cooper Horowitz LLC brokered the construction loan. United Plus Property Management (UPPM), the operating subsidiary of United Group, will oversee day-to-day operations at The Alloro. A timeline for completion was not disclosed.
United Group of Companies continued its pursuit into the active adult market with the opening of Arcadia Gardens, a 220-unit community in Palm Beach Gardens, Florida. Before opening the property with co-owners Sina Companies and Mayan Properties, United Group of Cos. developed the community for an estimated $53 million, or $240,000 per unit. The community features one- and two-bedroom apartments along with a 15,210-square-foot clubhouse. Floor plans range in size from 726 to 2,322 square feet with monthly rents beginning at $2,575.
Kittle Property Group also joined in on the active market, opening Reserve at White River, a 210-unit active adult community in Indianapolis, Indiana. The $36.2 million, or $172,400 per unit, development features one-bedroom homes and two-bedroom apartments, ranging from 794 to 1,040 square feet. Construction for the community began in June 2020.
