Hughes Plans 100 Senior Condominiums for $25M

(Read more on the multifamily market.)

BIRMINGHAM, MI-Hughes Properties has received preliminary site plan approval for the 100-unit Regency at Elm, a senior living condominium building directly east of the city’s affluent Downtown. The project, a four-story, 151,000-sf structure, will cost about $25 million to build in the city’s Triangle District, at Elm Street and Maple Road.

Ron Hughes, president of the self-named company, tells GlobeSt.com that there’s a need for high-end condos for the elderly. These properties are geared toward seniors who do not yet need assisted living, he says. “As long as they are independent, they can live in the unit,” he says. The resident pays an entry fee, something along the lines of $300,000 for this property, he says, and then when they are ready to sell, they get 90% to 100% back, depending on how long the unit was used and its condition. The resident also pays a monthly maintenance and service fee, Hughes says.