The U.S. active adult (55+) community market size is estimated to reach USD 732.1 billion by 2027, expanding at a compound annual growth rate (CAGR) of 4.3%, according to a new report by Grand View Research, Inc. The growing interest of older adults below 65 years of age towards maintenance-free lifestyle, structured activities, socialization, and a sense of community are the major factors driving the market. In addition, retirement not being in the eligibility criteria, and the variety of optional care and support services available at these facilities are the factors boosting the market growth.
An increasing population aged between 55 to 64 years are categorized as active adults seeking a social and friendly environment. According to the U.S. Census Bureau, baby boomers aged between 55 and 73 have brought both challenges and opportunities to the economy, infrastructure, and institutions. Active adult communities are quite similar to any other residential community, apart from their age restrictions, most of them are designed for a low maintenance lifestyle. These communities are mostly built near shopping malls, parks, restaurants, and other places for socializing, as the residents want to live a healthy lifestyle during their final years of retirement. The communities do not provide on-site dining facilities or healthcare services to the residents. The Homeowners Association (HOA) dues of these communities pay for assured communal amenities. U.S. Active Adult (55+) Community Market Report Highlight
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D.R. Horton announced the acquisition of Braselton Homes, the largest homebuilder in Corpus Christi, Texas. The homebuilding assets acquired include approximately 95 lots, 90 homes in inventory and 125 homes in sales order backlog. D.R. Horton also acquired control of approximately 840 lots through purchase contracts. For the twelve months ended September 30, 2020, Braselton closed 223 homes ($56.3 million in revenue) with an average home size of approximately 1,815 square feet and an average sales price of $253,000. D.R. Horton expects to pay approximately $23 million in cash for the purchase, and Braselton will operate as a separate division within D.R. Horton.
Donald R. Horton, Chairman of the Board, said, “We are pleased to have Braselton Homes, their local management and employees join the D.R. Horton family. Their experienced, dedicated team and well-established building operations make Braselton a great addition as we continue to expand our footprint across Texas.” Fred Braselton, President of Braselton Homes, said, “For over 70 years and 3 generations, the Braselton family has been building in the Corpus Christi Bay area. We are excited to join the largest homebuilder in the country and continue to provide quality homes to families in the Coastal Bend.” Reported by BusinessWire (Oct. 19, 2020) For completed contact information for D.R. Horton and Braselton Homes, including all corporate, region and division office locations and all key decision makers, refer to The National Builders Directory and Online Contact Database. Watermark Residential, a wholly owned affiliate of Thompson Thrift, announced the acquisition of nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark, a three-story, resort-style apartment community featuring one- to three-bedroom apartment homes. Construction on the development will begin later this month, with an expected completion date of fall 2022.
"We are excited to start construction on our second multifamily development in Colorado Springs, which continues to rank as one of the most desirable places to live in the country," said Jessica Tuttle, Watermark's vice president of development, west region. "Colorado Springs' dynamic growth has brought robust demand for apartments and we look forward to delivering another of our hallmark apartment communities for area residents." Located 20 minutes from downtown Colorado Springs, Ascent by Watermark will consist of 360 one-, two- and three-bedroom units that average just under 1,000 square feet. Each apartment will feature gourmet bar-kitchens with quartz countertops, stainless-steel appliances, walk-in closets, garden tubs, full-size washers and dryers and designer light fixtures, with many homes offering detached garages. The gated community will consist of a professionally designed clubhouse with TVs, conference rooms, technology centers and more; a 24-hour fitness center with state-of-the-art equipment and Fitness On Demand™ virtual training kiosks and spinning rooms; a swimming pool with cabanas and entertainment areas and pet-friendly bark parks and doggie spas. An on-site management team dedicated to the highest-level of service for residents will also be available. In 2019, Colorado Springs was ranked #1 on U.S. News and World Report's "Most Desirable Places to Live: 2019." In addition to the area's beautiful natural scenery, the market is fundamentally strong, with an average home value of nearly $400,000 and 2.3% job growth for the MSA, all of which has contributed to high population growth and a solid rental market for years to come. With zoning requirements and topographical challenges making it difficult for new development in the area, Ascent by Watermark is well positioned for success. Watermark is no stranger to the Denver MSA. Since completion of their first property in the area in 2015, Watermark has successfully delivered eight additional luxury multifamily projects, totaling 2,313 units. Ascent by Watermark will be their second property in Colorado Springs. Earlier this year they sold the 244-unit Watermark on Union. "With nine total projects in the Denver MSA, Watermark Residential is uniquely positioned to understand and deliver the luxury quality and value that the area's residents demand," said Josh Purvis, managing partner with Watermark. "Even when facing strong barriers to entry, and a COVID-19 environment, the Watermark team was able to utilize our history and relationships to acquire this strategically located property. Ascent by Watermark will not only appeal to our residents, but also investors for the foreseeable future." |
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