- Market Rate Senior (55+) in a Low Competition Submarket with Significant Demand
- Recent Renovation
- Operational Upside Opportunity
- Robust Amenity Package and Unique Features
- Prime Location for Active Seniors
- Offered Free and Clear
Market Rate Senior (55+) in a Low Competition Submarket with Significant Demand
Residences at University Heights caters to the growing demand for affordable 55+ independent housing, aligning with broader market trends. The U.S. active adult (55+) community market size was valued at $565.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.01% from 2022 to 2030. Increasing demand from baby boomers, reduction in the stigma of retiring, and growing interest of investors in senior living facilities are driving the market. Additionally, many 55+ workers elected to retire early due to Covid-19, which has led to increased demand in the short-term as well.
Positioned in a submarket with limited competition, Residences at University Heights is one of only three comparable senior independent living communities in the Cedar Falls/Waterloo area. Unique features set Residences at University Heights apart from the competition, including an abundance of community space, on-site amenities, and proximity to area attractions, enhancing its attractiveness to prospective residents.
Recent Renovation
The current ownership has recently completed a comprehensive renovation of the property, which includes a total renovation of all unit interiors, ensuring modern and comfortable living spaces for residents. Improvements include the installation of new HVAC systems and upgraded electrical supply and service, enhancing energy efficiency and safety. All common areas and amenity spaces, including a new kitchen and updated building exterior, have been renovated, significantly boosting the property’s overall appeal and value.
Operational Upside Opportunity
With the recent renovations, there is substantial operational upside potential. A new owner can unlock significant value through efficient operational management and strategic marketing, capitalizing on the enhanced appeal of the property. The robust amenity package includes a large indoor pool, library, lounge, event rooms, and a dining facility featuring seated meals prepared by a chef. Additional resident-friendly features such as rental discounts for winter travel and resident suites facing open corridors further enhance the resident experience.
