MORENO, CA – The Praedium Group, a New York based national real estate investment firm, announced the acquisition of Lasselle Place in Moreno Valley, CA. Kelsey Durels, Vice President of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2005, Lasselle Place consists of fifteen 2- and 3-tale residential buildings with a mix of one-, two- and three- bedroom homes ranging from 686 SF to 1,202 SF. Unit interiors feature granite kitchen counter tops, spacious walk-in closets, and in-home washer/dryers. Community amenities include a swimming pool, fitness center, Cyber Café, and playground. 

“Lasselle Place is located in Moreno Valley, an area in the heartland of the Inland Empire which benefits from an expanding logistics industry and growing diversified economy,” said Ms. Durels. “Many Fortune 500 companies have sought industrial and office space in Moreno Valley, and with these facilities comes the promise of growth and stability in the area for years to come. Having already owned in the submarket, we believe our local experience and focus on tenant needs will enhance the community.”

Isan Contreras, Analyst of The Praedium Group, additionally commented, “The Property’s location provides immediate access to a plethora of jobs and fantastic schools in the area; further, this acquisition provides an brilliant opportunity to make a better living environment for the Property’s tenants.”

With a population over 200,000 and annual population growth rate of 5%, Moreno Valley is the 2nd largest city in Riverside County and one of the fastest growing cities in the region. Residents are drawn to superior commuting accessibility via SR 60, I-215, and the Moreno Valley Metrolink Station which provide access to over 1 million jobs within a 30-mile radius. Major corporate expansions and relocations include Amazon, Proctor & Gamble, and Sketchers, which support the demonstrated continuous growth in employment in the area.

Lasselle Place, in particular, is one of the closest apartment communities to the two major medical centers in Moreno Valley – Riverside University Health System Medical Center and Kaiser Permanente Medical Center – both of which are located less than two miles from the Property and provide access to over 4,000 jobs. March Air Reserve Base is also within 15 minutes driving of the Property.

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COLUMBUS, IN – A groundbreaking ceremony was held for Vivera Senior Living of Columbus, a new affordable helped living community for Indiana seniors who need some help to maintain their independence. The community, which will be located at 1971 State Street in Columbus, is expected to open by next summer. 

The four-tale, 104,000 square-foot building will house 114 private studio and one-bedroom apartments. Vivera is designed to serve older adults of all income levels, including those on limited incomes. The community will accept the Medicaid waiver.

Each of the helped living apartments at Vivera Senior Living will feature a kitchenette, spacious bathroom with shower and grab bars, individually-controlled heating and air conditioning units, and an emergency alert system. In addition, Vivera will have a large community room, a private dining room, sunrooms, walking paths in perfectly landscaped courtyards, a library, computer lounge, onsite general store and other amenities. Certified nursing assistants, working under the direction of a licensed nurse, will be on-duty 24 hours a day, seven days a week. 

The community combines residential apartment-home living with the availability of personal help, medication administration, and a variety of convenience and support services, such as meals, housekeeping, laundry, and on-site physical therapy.

When fully occupied, the community will provide 50 full-time and part-time jobs. Annual payroll with benefits is projected to be $1.8 million. 

Vivera Senior Living was developed by The Marian Group, a full-service real estate development, construction, advisory and investment firm based in Louisville. Marian Development, the company’s development arm, has successfully completed 18 developments with more than 1,000 affordable housing units at a cost of nearly $142 million.

“The need for more affordable helped living facilities in Indiana and throughout the country is well-documented,” said Jacob L Brown, principal of The Marian Group. “We are honored to work with experienced development partners to bring Vivera Senior Living to Columbus, providing a new quality housing option for seniors looking to age in place gracefully and affordably.”

Gleason Architects, P.C. designed the community. 

Construction for the $25-million project will be completed by Weber Group, a general contracting company with more than 35 years of experience, a diverse client base and a portfolio that includes the completion of more than 7,750 multifamily units nationwide.

Gardant Management Solutions, one of the nation’s largest helped living providers, will manage Vivera Senior Living of Columbus. 

Other Indiana properties managed by Gardant are Belvedere Senior Housing in Merrillville, Evergreen Village at Bloomington, Hellenic Senior Living in Elkhart, Indianapolis and New Albany, Heritage Woods of Noblesville, Glasswater Creek of Lafayette, Oasis at 30th and Oasis at 56th in Indianapolis, The Lodge at Summers Pointe in Winchester and White Oaks at Noblesville.

“Our focus,” says Rod Burkett, CEO of Gardant Management Solutions, the company that will manage the community, “is to provide Vivera residents with the like, compassion and dignity they deserve and the help and help they need. Our emphasis is on helping each resident achieve and maintain as much independence as possible for as long as possible.”

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PEARLAND, TX – Drever Capital Management (DCM), a vertically integrated commercial real estate firm specializing in institutional class senior and multifamily communities, continues to expand its 55 + active adult brand with construction starting on Larkspur at Shadow Creek, in Pearland, TX, a suburb of Houston.

The 257-unit Class A active adult mid-century modern campus will offer a “resort lifestyle” for the incoming wave of value-conscious baby boomers at an approximate 40 percent to 50 percent discount to the traditional senior independent and helped living communities in the surrounding greater Houston marketplace.

The 12-acre development will include The Villas at Larkspur comprised of a 42 private cottage neighborhood tailored to the more independent resident looking to transition away from the burden of homeownership while benefitting from resident activities and events within the 215-unit main apartment buildings boasting over 18,000 square feet of dedicated resident amenity space.

“Our new Larkspur brand is a total departure from the traditional senior living sector as we know it today,” says Noah Drever, managing partner for the Tiburon, CA-based real estate investment firm.

“Designed for people 55-years-ancient and up who want a carefree lifestyle in a location that’s ‘close-to-everything-vital,’ it is a highly flexible, amenity-rich community that could easily be mistaken for a five-star hotel that also has innovative resident engagement programs that focus exclusively on research-based wellness, health, and enriching social experiences,” clarifies Drever.

With a 50-year track record as a “contrarian impact investor” and over 47,000 multifamily and senior apartment units either developed or bought, the Larkspur brand is an “evolution” of founder-chairman Maxwell Drever’s apartment communities throughout the U.S. Sunbelt.

“While underserved, this is a hard asset class to both develop and manage because it’s a right hybrid between multifamily and senior independent and helped living,” Noah Drever clarifies. “With a decade of higher acuity senior housing experience under our belts and our deep multifamily roots, Larkspur Communities, in our opinion, qualifies as a premier boutique 55+ active adult brand.”

It’s not surprising that greater Houston is the location of Drever Capital’s second Larkspur active adult community. On November 1, 1992, Maxwell Drever became the largest owner of rental apartments in America’s fifth largest city with 10,492 residential units owned and managed in Houston. 

Larkspur at Shadow Creek follows Larkspur at Twin Creeks, a 243-unit active adult community completed July 2018 in the high growth market of Allen, TX. By year end, Drever Capital expects to start construction on their third Larkspur community in New Braunfels, TX, the second fastest growing city in the U.S, according to the Census Bureau. While locations are undisclosed, a fourth and fifth Larkspur development are in the plotting stage.

By having a vertically integrated seasoned team at the helm, Larkspur at Shadow Creek is the “180-degree opposite of the corporate-owned, rigidly-managed, one-size-fits-all senior community mindset,” Drever adds. “We are always searching for the next progressive resident activity to add to our tried, right and tested program. Our goal is simply to provide the most exciting and enriching lifestyle at a financially comfortable price point.”  

The first cottage units are slated for completion in the second half of 2020.

The community is located 13 miles from the Texas Medical Center, the largest medical complex in the world with 5,000 doctors and 15,000 nurses and minutes from the Pearland Town Center offering top-tier shopping, dining and entertainment venues.

“We chose a residential mid-century modern architectural design that would appeal to people from all 50 states who, we feel, will be attracted to Pearland which has the third fastest growing economy in America, ranked by WalletHub’s 2018 study of 515 U.S. cities,” Drever says.

Shadow Creek Ranch in Pearland “checks off all the boxes and meets all our investment criteria,” contends Noah Drever. “Brilliant location with strong demographic trends in a seasoned master plotted community. Our site has a fantastic marketing window sitting off Shadow Creek Parkway and 20 minutes from the Texas Medical Center.” 

But that’s just the tip of the iceberg, insists Carol Artz-Bucek, president of the Pearland Chamber of Commerce. “We have three five-A rated school districts, successful and high attendance sports teams and a strong, business-friendly economy that draws families with younger kids and, in turn,  baby boomers who are now active adults who want to live near their grandchildren,” she says. “Drever Capital Management understands this, and they are moving into Pearland with the Larkspur brand at the perfect time.”

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