RD Management and Big Rock Partners Announce Two New Senior Housing Projects in Florida
July 11, 2017
RD Management LLC, one of the nation’s largest privately held real-estate development and management organizations, and partner Big Rock Partners Holding, LLC, a real estate investment management and development firm, announced today new Florida senior housing rental developments totaling $184 million. Villages of Windsor in Lake Worth will contain 320 units, and Windsor at Celebration in the Orlando area will contain 239 units. The communities are expected to open in October 2017 and March 2018, respectively.
Located at the intersection of Hypoluxo Road and Lyons Road in Palm Beach County, Villages of Windsor in Lake Worth will consist of 186 independent units, 80 assisted living units, and 54 memory care units. The property will occupy over 22 acres. Atria Senior Living, one of the largest senior housing companies in the nation, with over 180 communities in 28 states and seven Canadian provinces, will operate the Villages of Windsor project. Fort Lauderdale-based Moss Construction will act as the general contractor.
Located at the gates of Disney World in Orlando, Celebration was developed by the Walt Disney Company. Windsor at Celebration will consist of 151 independent living, 55 assisted living, and 33 memory care units. In 2014, Big Rock Partners purchased nine acres of land from Disney. Life Care Services (LCS), one of the best senior retirement community operators in the nation, will be Windsor at Celebration’s operator, and the general contractor is Balfour Beatty, a leading construction firm for over 100 years.
“We are seeing a high demand for senior living and retirement communities across the nation with the senior population expected to double by 2060,” said Richard Birdoff, principal and president of RD Management. “This is one of many senior housing projects we plan to take on in the coming years as we continue to diversify our portfolio to include assets beyond retail. Working with Richard Ackerman, senior managing partner, and the professionals at Big Rock Partners on Villages of Windsor and Windsor at Celebration has been a rewarding experience, and we look forward to seeing both developments come to fruition.”
Florida’s population is forecasted to grow by over 5.2 million people between 2010 and 2030, with the older population representing 57.6 percent of that growth. Communities built 25 or 30 years ago are deteriorating, and have not kept pace with today’s amenities. With this in mind, nationwide demand remains strong for a new generation of senior housing and rental options as an alternative to the traditional continuing care retirement community model with an upfront buy-in.
RD Management owns ten properties in Florida and has more than 150 properties in its national portfolio.
Those interested in learning more about Villages of Windsor in Lake Worth and Windsor at Celebration in Orlando should contact Richard Ackerman at rackerman@bigrockpartners.com.