Roers Companies will break ground this week on the first property in a new collection of age-restricted apartments and townhomes for the active 55+ market, called Risor. The $44 million, 277,000 sq. ft. community will welcome its first residents in the fall of 2022. The company closed on the 4.8-acre property purchase last week.
Concurrently, additional active 55+ communities within the Risor brand are planned for Bloomington and Maple Grove with anticipated construction kickoffs in May and August, respectively.
“Our team is thrilled to offer this new product type for the active 55+ age group,” says Jeff Koch, partner at Roers Cos. “We felt like there was a missed opportunity in this area to cater to renters aged 55 and over. They want that luxury apartment feel without making the leap to senior living.”
PROJECT DETAILS
Risor of Apple Valley will offer a vibrant hub for empty nesters ready to celebrate their next adventure. Shedding the obligations of homeownership frees renters to focus on the hobbies, pursuits, and people that bring joy and meaning to their world. The community is designed for those with retirement on the horizon yet wanting to keep up the pace of their active lifestyle.
Risor will offer 172 apartments that range from 534 sq. ft. studio to a 1,377 sq. ft. 2-bed/2-bath unit. The amenity-rich property will offer renters an indoor golf simulator lounge and putting green, fitness center, pet wash station, and dog run. There will also be a walking path, bicycle storage, reading nook, resident lounge, and game room. Additionally, rentable storage lockers, a community garden, fire pit, outdoor kitchen, swimming pool, three-season porch and underground parking add to the luxury living available at Risor.
Four townhome buildings will offer a more private living option with access to the community amenities. The spacious 1,800 sq. ft. townhomes will include two bedrooms plus a den and attached two-car garage.
A COMMUNITY PARTNERSHIP
“We’re grateful that this is a true partnership with both the city and county,” says Andy Bollig, developer at Roers Cos. “Dakota County is providing $2.4 million of gap financing to help subsidize having 20 percent of the apartments designated as affordable rental units to make the property attainable for those whose incomes are approximately 50 percent of the area’s median income.”
“We’re excited to provide the capstone development to the Central Village. It will capitalize on the success of the City of Apple Valley’s master planning and adjacent developments,” Bollig adds.
“From an investment perspective,” says Roers Cos. Owner Kent Roers, “entering the active 55+ market helps diversify our offerings to our private investors. We saw a lot of interest from individuals who were looking to do something different with their portfolio than market-rate apartments or true senior housing.”
Roers adds, “The Risor of Apple Valley project was a hot opportunity with our investment partners. Our equity-raise process was complete prior to groundbreaking — one of our fastest to-date.”
Pre-leasing for Risor Apple Valley will begin this winter, with other locations to follow. Interested renters can visit risorapplevalley.com to learn more or request additional information.
Read more about the project in this article from Finance & Commerce (subscription required) or on our website.