REES Designs Villas of the Country’s Fastest Leasing Active Adult Community
From the very beginning, Avenida Partners envisioned something extraordinary for their newest 55+ active adult community, Avenida Carrollton. Collaborating with our design team, we set out to create a community that would not only meet their needs but also exceed their expectations. The outcome is an impressive, multi-award-winning complex that has rapidly become one of the most desired active adult communities, reaching remarkable success before its official opening.
Located on the outskirts of the Dallas Metroplex, Avenida Carrollton features nearly 50 single-level villas and a four-story, 155-unit apartment building. Residents have 24-hour access to extraordinary resort-style amenities in addition to outdoor courtyards and parks.
The 2024 Interface Active Adult Conference recently reported that three of the top 5 largest active adult markets in the entire U.S. are located in Texas. Dallas takes the top spot at #1. At the conference, REES-designed Avenida Carrollton was highlighted as the “fastest selling active adult community in the country”. As of Spring 2024, 66% of Avenida Carrollton’s villas have been rented or pre-leased. Avenida anticipates a 100% fill-up within 12 months of opening, a stat virtually unheard of for this type of product.
According to Seniors Housing Business, “the 55+ cohort is the largest and fastest-growing segment in today’s renter landscape and will remain so for the next two decades.” This demographic shift is sweeping the country, offering novel opportunities for developers and owners seeking to stake their claim within this burgeoning market. So why are active adult communities so attractive to senior housing owners and developers? We’ve outlined a few major reasons.
Flexible Residential Offerings
Navigating the downsizing journey in later years can pose significant social and emotional challenges. Active adult communities are a solution tailored to the needs of the 55+ demographic. Residents can enjoy the perks of a serviced neighborhood while retaining full autonomy. This creates a smoother transition into senior living, as adults find themselves surrounded by peers who share their zest for life. These communities offer a supportive, yet non-intrusive environment.
REES designers considered how to maintain privacy and a sense of independence in the compact neighborhood at Avenida Carrollton. Residents can choose from four different living options in the two-bedroom, two-bathroom villas. The homes range from 1,360 square feet to 1,490 square feet and are equipped with an attached one-car garage, front patio and backyard. The larger floor plans include an additional half bathroom and a den. The inclusion of vaulted ceilings and the high placement of windows adds an element of sophistication, creating an ambiance of spaciousness and elegance throughout the living spaces. Porches are strategically separated, providing residents with their own secluded entry and a sense of personal space. One of Avenida Carrollton’s floorplans, the C2 Villa which features a sprawling layout and an electric fireplace, received a 2024 Shaping Advancements in Generational Environments (SAGE) Award for the “Best 55+ Attached Home Plan” by the Building Industry Association of Southern California (BIASC). These thoughtful design elements ensure that residents enjoy a blend of elegance and functionality, setting the standard for active adult communities.
Extraordinary Amenity Options
As they enter their golden years, today’s seniors expect to live longer, healthier lives than previous generations. They increasingly seek lifestyles that promote activity, social engagement and independence. Owners and operators can choose lifestyle options and amenities that best suit their target audience.
Avenida Carrollton offers extraordinary amenities to residents, including a resort-style pool, spa and salon, green thumb gardening plots, fitness studio, media lounge with theater entertainment and more. Its range of options awarded the community with a 2024 SAGE Award for “Best 55+ Indoor Common or Amenity Space” by BIASC. Not only can potential residents have their selection in living arrangements, but also partake in the amenities which best fit their lifestyle. As Avenida markets, “It’s your life, live it”. Active adult communities truly allow this demographic to live however they wish.
Increased Tenant Stability and Profitability
Seniors in active adult communities often sign longer leases compared to traditional rental properties. The average length of stay at an active adult community is six to nine years, compared with four years at an independent living facility.1 This prolonged occupancy not only offers investors a reliable income flow, but it also mitigates risks associated with vacancies.
Unlike traditional senior living communities, which often incur high operational costs for providing meals, paying ample staff and maintaining on-site healthcare services, active adult communities can allocate a greater portion of their expenses towards capital investments, including high-quality offerings, floorplans and amenities. In the long run, this is much more affordable for both the owners to maintain and the residents to lease. According to the National Investment Center for Seniors Housing & Care (NIC), rent for active adult communities is 30 to 50 percent lower than what independent living facilities charge. On the flip side, Senior Housing Business shares that active adult properties can generate 10 to 30 percent rent premium compared with traditional multifamily properties, which translates into enticingly high margins for owners and operators.2 This shows a resident’s willingness to pay a premium to live in an environment that fits their lifestyle. Because of this, Avenida Carrollton was named for the “Best 55+ Active Adult Market Rate Rental Community” by the BIASC SAGE Awards.
We are proud to collaborate with Avenida Partners on this project. When it is completed later this summer, we will be excited to see a full community of 55+ residents making Avenida Carrollton their home.
Active adult communities are expected to be the fastest growing segment of age-restricted living for at least for the next 20 years.3 Are you considering entering this surging market? REES works with our clients to help define the many possibilities of your active adult community. We’ll help tailor-design a community that responds to the evolving market and resident preferences. Learn more about our senior living projects by clicking here.
Sources
1 “Why Active Adult Is Piquing the Interest of Investors”, Seniors Housing Business, published May 10, 2023, https://seniorshousingbusiness.com/why-active-adult-is-piquing-the-interest-of-investors/.
2 Seniors Housing Business, “Why Active Adult is Piquing the Interest of Investors.”
3 Interface Conference group, “InterFace Active Adult 2024 – InterFace Conference Group,” InterFace Conference Group, accessed June 3, 2024, https://interfaceconferencegroup.com/event/interface-active-adult-2024/.