Tenacity Holdings plans to construct a 194 unit community of equal 1 bedroom and 2 bedroom units (50%/50% mix) based on a shift in trends from single residents, predominately females ages 75 and older, to more couples ages 67 and older with an active lifestyle and structured covered
The original HUD concept application followed an older more seasoned model of 177 units targeting an older population. The community we are creating is more of a “Del Webb” style of active adults that are downsizing from a 2,000+ sf house, yet who still require luxury living.
We anticipate rents to exceed $2.00/sf but are reflecting $1.95 in our model. We are providing 300+ structured parking spaces, children’s splash park, pet hotel/wash station and a dog park. We have an approximately 5,000 sf clubhouse that compliments Lakeview Estates’ 5 pools, 12,000 sf
pavilion and amphitheater. We also provide concierge services and over 200 social activity clubs including yachting, kayaking, beach activities, edgeless pool with water exercise, and golf.
The total development budget is $37,251,104. We have received a HUD letter of invitation and are preparing HUD pre-application documents for a HUD loan of $29,970,000. We are seeking an equity partner for a total of $7,281,104 equity for a 3-5 year term and are projecting a 22% IRR on the equity investment.