Chicago-based Evergreen Real Estate Group, a leader in the acquisition, development, rehabilitation and management of both affordable and market-rate multifamily housing, today announced the start of construction for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, Ind.
Evergreen representatives, including executives from general contractor Evergreen Construction Company, joined Valparaiso city officials as well as representatives from the Valparaiso Chamber of Commerce, Indiana Housing and Community Development Authority (IHCDA) and Gardant Management Solutions for a ceremonial groundbreaking on May 19.
Located at 2550 Morthland Drive, the $30 million project is scheduled for completion in April 2023. It will offer 48 studio and 72 one-bedroom apartments, all of which will be reserved for seniors age 62 or older, with incomes at or below 60% of the Area Median Income (AMI). A financial assistance program will be available for those who qualify. Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
“We are thrilled to now have construction underway at our second affordable assisted living community in Indiana,” said Steve Rappin, CEO of Evergreen Real Estate Group. “Green Oaks of Valparaiso will not only provide area seniors with safe, affordable housing in a familiar setting, but also the care and social interaction that significantly enhances their quality of life.”
Gardant Management Solutions, a leading provider of affordable assisted living, has served as a member of the project development team and will manage the community. “Our mission is to enrich the lives of the residents of Green Oaks of Valparaiso by providing them with the love, compassion and dignity they deserve, in addition to the personal assistance, help with medications and support services they need,” said Rick Banas, vice president of development and positioning for Gardant Management Solutions. “We also know residents will benefit from all of the opportunities to socialize with family, friends and neighbors and participate in a wide variety of recreational, educational and wellness activities that we will offer.”
Andre Pintauro, president of Evergreen Construction Company, added: “So far, we have completed site grading, dug retention ponds and installed drainage infrastructure. Even as we continue to experience some pandemic-related challenges with supplies and labor, we expect to complete construction on time next spring, thanks in part to our integrated model that allows us to work in lockstep with the development team.”
Each residence at Green Oaks of Valparaiso will feature a kitchenette with an electric range, refrigerator and microwave, as well as a full private bath with grab bars and a walk-in shower. Apartments also will include window treatments, individual heating and air conditioning, and an emergency alert call system.
On-site amenities will include a community room with kitchen, media and theater room, computer room, meeting room, fitness center, beauty salon, library, community garden and outdoor area featuring a pond, courtyard and pavilion. There will also be 90 parking spaces for residents and visitors.
The community’s dining room will serve residents three meals a day, plus a rotating assortment of snacks. Certified staff will deliver 24-hour care and assist residents with bathing, grooming, dressing, managing medications and shopping. Other services include laundry, weekly housekeeping and transportation to off-site healthcare providers and other destinations throughout Valparaiso.
The Indiana Housing and Community Development Authority (IHCDA) authorized 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the city of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing. PNC Bank invested in the project, providing Low Income Housing Tax Credits (LIHTC) equity.
About Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across 10 states. Evergreen specializes in thoughtful, creative residential development solutions. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages more than 10,000 units of multifamily housing. For more information, visit evergreenreg.com.
