Miller-Valentine Group

Stylish Senior Living

By Yardi Blog Staff on May 22, 2015 in People

As the nation’s apartment industry revels in Gen Y’s affinity for apartment living, developing high-density, high-amenity projects in urban centers across America, there is another force shaping the industry: aging Boomers. In 15 years one in five Americans will be 65 and older and the 50-plus generation will swell by 23 million individuals, reaching 132 million, data from the Joint Center for Housing Studies of Harvard University shows. This high-velocity growth is already spurring concern within the industry in regards to providing adequate housing to the nation silver-haired demographic.

One company that has its eye on the future and is planning to meet the needs of aging Boomers is Miller-Valentine Group (MVG). Founded in 1963, Miller-Valentine has been developing, building and managing multifamily housing for over 30 years. The company’s portfolio includes both luxury and affordable housing, as well as senior and military housing. With a presence in 17 states, MVG is the 24^th largest owner of affordable real estate in the country and has developed in excess of 13,000 units.

While the company continues the deliver non-specialized apartment housing too, shifting American demographics are evident in the company’s development pipeline. Of the seven apartment communities that will open through summer 2015 three are designed for adults 55 and older and one is targeting residents 62 and over.

Miller-Valentine’s independent living communities are designed to meet the needs and desires of adults over the age of 55. MVG collaborates wit

h federal and state housing assistance programs to deliver quality housing for aging adults at a moderate price. To accommodate the active lives of its residents, MVG offers home maintenance-free independent living, with amenities such as community rooms, walking paths and community events, ensuring social, educational and recreational opportunities.

One such community is Ashley Grove Apartments, a 43-unit community located in Mount Orab, Ohio, 30 miles from Cincinnati. Set to open in winter 2015, the community designed exclusively for adults 55 and older will offer 39 one- and two-bedroom apartments and four two-bedroom villaplex units. Although featuring high-end amenities, units will rents at affordable rates starting at $492 to $675. Apartments will boast sizeable gourmet kitchens with breakfast bar or breakfast island, walk-in closets, energy efficient appliances, step-in shower and laundry rooms with additional storage. Ashely Grove will offer amenities such as a 24-hour fitness center, community room with dining facilities, theater/media room, 24-hour business center, clothes care center, elevator, attached garages and off-street parking. Professional supportive services, high-speed internet will also be available at the pet-friendly community. As an added bonus, Ashley Grove is also in close proximity to The Brown County Senior Citizen Center, shopping, dining and professional services.

Miller-Valentine Group is also developing two other communities with similar features, amenities and rental rates as Ashley Grove Apartments. Set to open in spring-summer 2015, Southwick Manor Apartments will provide affordable housing for adults over the age of 55 in Medina County, an area suffering from a severe dearth of such product. First envisioned in 2008, the project is the result of collaboration between MVG, Medina Metropolitan Housing Authority, Ohio Housing Finance Agency, Ohio Capital Corporation for Housing, City of Brunswick, and First Merit Bank and is part of the federal Affordable Housing Tax Credit Program.

Harbor Town Senior Residence (also known as Harbor Town Landing) will open in Perrysburg, OH in spring-summer 2015. The high-end,

affordable community was developed by Miller-Valentine Group in collaboration with W.S.O.S. Community Action Commission, Inc. Newton Place Apartments in Newton, Iowa will offer residents over the age of 62 the same affordable rates and upscale amenities as Ashely Grove, Southwick Manor and Harbor Town.

While high-quality, affordable new senior housing supply is in high demand, a new senior housing community doesn’t necessarily mean a new development as well, as proved by Lofts at Roberts. Opened in mid-2014, the 83-unit apartment is located in a redeveloped hotel in Muncie, IN.

The adaptive reuse of the formerly blighted historic landmark now offers 56 one- and 27 two-bedroom apartments for adults 55 and over and 12,000 square feet of street-level commercial space. Among its wide array of amenities, Lofts at Roberts features a state-of-the-art fitness center with yoga room, community lounge areas on each floor as well as a grand multipurpose room and onsite movie theater. Residents also benefit from a walkable downtown location, that provides easy access to the Walnut Street Commercial District, the city park/amphitheater, YMCA, Children’s Museum and bevy of restaurants, services and retail options.