Freestanding cottages will offer a sense of privacy and ease the transition from single family.
FRISCO, TX—Seniors housing demand remained at relatively healthy levels in 2018, amid expected steady economic growth and an improving housing market. However, new supply will put short-term pressure on occupancy and/or rent growth in select markets, according to a report by CBRE.
Another new project is Presidium's Artistry at Edgestone, the first senior living community of its kind to be developed in Frisco. When complete in summer 2020, the 188-unit community will be the only luxury age-restricted product here with freestanding independent living cottages that offer community members a heightened sense of privacy and ease the transition of moving from a single-family home. The 18-acre gated development has been designed to balance the needs of some seniors who desire an active and maintenance-free lifestyle.
“Presidium has taken a modern approach to providing state-of-the-art amenities that provide a greatly sought-after environment, all within close proximity to the plethora of local attractions Frisco has to offer,” said John Griggs, Co-CEO and co-founder of Presidium.
Artistry at Edgestone's community will include multi-purpose clubrooms, a swimming pool, a fitness and wellness center, a library and cyber lounge, a media and game rooms, a hair salon, an arts and crafts center, pavilions, a bocce ball court, a walking trail, a dog park and a resident gardening area with shade structures. Edgestone's residents will also have access to a full calendar of services and programs.
“The spacious community was designed to offer residents an open environment, and with its prime location–being nestled within some of the most impressive parks and walking trails in the country, it is perfect for mature adults who enjoy the outdoors and wish to maintain an active lifestyle,” added Griggs.
The development will consist of a three-story residential building with elevators and seven one-story bungalows with cottage units. The units will feature open floor plans with 9- to 9.5-foot ceilings, granite countertops and tile backsplashes, wood plank and ceramic tile flooring, energy-efficient appliances and light fixtures, washer and dryer connections, walk-in closets, and private patios and balconies.
“For years, Frisco has ranked as a top place to live for families,” Griggs tells GlobeSt.com. “With that growth, the city is seeing an influx of seniors looking live closer to their children and their grandchildren. Artistry at Edgestone will help fill that need.”
Additionally, this project is designed to achieve certification by National Green Building Standards, verifying the campus' high performance in six key areas: site design, resource efficiency, water efficiency, energy efficiency, indoor environmental quality, and building operations and maintenance.
Located near Plano's burgeoning Legacy West development, Artistry at Edgestone is near more than $8 billion worth of commercial developments including The Star, The Gate, Ward Park, Frisco Town Square, Stonebriar Centre and Frisco Station.
In addition to Artistry at Edgestone, Presidium is currently developing more than 1,100 units with plans to break ground on another 1,700 units in the next 12 months. More than 1,000 units in the firm's current pipeline are located in the Dallas-Fort Worth area.
For investors, the top concern is property-level operating costs, according to the CBRE survey. Most survey respondents (63%) expect cap rates to remain firm during the next 12 months.
The second highest concern is construction activity (supply vs. demand fundamentals), but the percentage declined from the previous survey.
Investor interest is gravitating to the more lifestyle focused segments of seniors housing. Independent living was identified as the best investment opportunity (36% of responses), followed by assisted living.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
