Drever Betting on Retired 'Workforce' Housing

LEXINGTON, SC—Senior housing is still turning investor heads even in secondary and tertiary markets. The latest example is The Village at Southlake, a 122-unit senior independent living rental community for workforce retirees in Lexington, SC.

Drever Capital Management secured a $12.5 million bridge financing through CBRE for the senior living asset. The floating rate mortgage is a five-year, 24-month interest-only term loan placed through a regional US bank. Drever plans to use the proceeds refinance existing debt and return equity to investors.

With this deal, Drever is translating its multifamily experience into moderately priced senior communities with no buy-in fees aimed at the workforce retiree who is looking for health, wellness, and new lifestyle experiences. Frank Marro, president and CEO of Drever, tells GlobeSt.com the firm's legacy family investors have an “active appetite” for acquiring and developing independent living communities for workforce seniors as they retire. 

“We're tailoring our amenities and enhancements to a new-breed of seniors that include the first generation of baby boomers who are environmentally sensitive yet still want value and lifestyle experiences for their money,” says Marro. “Our Concierge Resident Services is also an effective retention strategy that has been proven to reduce turnover.”

The Village at Southlake sits in a 13-acre park-like setting. The senior housing rental residences include apartments, garden and patio homes and chalet cottages designed for active workforce retirees that want affordable recreational and lifestyle experiences.

Amenities include a nature and wildlife habitat preserve, a large pond, walking trails, raised gardens, a, swimming pool, vaulted ceiling clubhouse, movie theatre, wine bar, a salon.  A “fresh ingredients only” food program cooked on premises by an executive chef.

Lee Wong, senior managing director and asset manager of The Village at Southlake, tells Globest.com a wine tasting and lecture was recently held in its new Wine Bar. “We had over 200 attendees, virtually the entire community came out for it,” he says.  A generation ago, you might have had 20 people show up.”