Roers Companies will break ground recently on the first property in a new collection of age-restricted apartments and townhomes for the active 55-plus market, called Risor. The $44 million, 277,000-square-foot community will welcome its first residents in fall 2022.
Additional active 55-plus 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-plus 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 who want that luxury apartment feel without making the leap to senior living.”
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 individuals and couples with retirement on the horizon, but who want to keep up the pace of their active lifestyle.
Risor will offer 172 apartments that range from 534 to 1,377 square feet. The amenity-rich property will offer renters an indoor golf simulator lounge and putting green, fitness center, pet wash station, dog run, walking path, bicycle storage, reading nook, resident lounge and game room, rentable storage lockers, community garden, fire pit, outdoor kitchen, swimming pool, three-season porch and underground parking.
Four townhome buildings will offer a more private living option with access to the community amenities.
“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% of the apartments designated as affordable rental units to make the property attainable for those whose incomes are approximately 50% of the area’s median income.”
“We’re excited to provide the capstone development to the Central Village that will capitalize on the success of the city of Apple Valley’s master planning and adjacent developments,” Bollig said.
“From an investment perspective,” says Roers Cos. Owner Kent Roers, “entering the active 55-plus 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 said: “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.