University retiree community achieves 90% reservation rate for independent living
Five months into construction, Broadview Senior Living, a college retirement community on the Purchase College campus in Westchester County, NY, has a 90% reservation rate for its 220 self-contained living units.
The community is being built on the grounds of Purchase College in Rye Brook, NY, as part of the State University of New York system. In November, Fairfield, Connecticut-based investment bank and wealth management firm HJ Sims closed a $398.1 million tax-free and tax-exempt bond offering for the new community of life plans.
Future residents have paid a deposit equal to 10% of the entrance fee for that resident, and the entrance fee is 90% refundable regardless of the length of residency, according to a press release from LCS Development, which , along with Senior Care Development, serves as the project’s development consultant.
Although college retirement communities are starting to become more common in the United States, Broadview Senior Living will be the first of its kind in the tri-state area,” said Ashley Wade, Chief Marketing Officer of Broadview. McKnight Business Daily.
Scheduled to open in late summer 2023, the 40-acre community will accommodate seniors age 62 or older. The community will be nestled within the college’s 500 acres, approximately 30 miles from New York City.
The product appears to sell to interested individuals and couples, according to Wade.
“It really speaks to seniors who want to stay intellectually, academically, culturally engaged and stay vibrant and engaged,” she said, adding that the community isn’t just adjacent to campus.
“We are part of the campus. It’s an experience that speaks to many seniors,” added Wade. “It also selects people who say, ‘It’s not’ for me.” Everyone who joins Broadview has the same mentality of wanting to be a lifelong learner. … So that kind of does the marketing for us.
In addition to independent living, the community will provide assisted living, assisted living and memory care services. The enhanced seniors’ residence, Wade said, is a step up from assisted living for residents who need some level of nursing care.
“It allows residents to stay where they are in an assisted living facility and get additional care without having to switch to skilled nursing care,” she said.
So far, future residents who have made their deposits range from a couple who won’t be 62 until the community opens in 2023 to people in their 90s, Wade said. Most are Westchester County residents, she said, “and they know and love the area.” Many are retired academics from area educational institutions for whom the idea of living on a college campus is appealing.
“This is not at all unusual for college retirement communities. They tend to self-recruit from people who made their living in academia,” Wade said.
A major feature of the Broadview campus will be the Learning Commons, a common space where residents, students and faculty members will have the opportunity to interact and learn across generations.
“The Learning Commons will be a brand new 10,000 foot commons building that is attached to the Retirement Community Clubhouse that will literally be a collaborative commitment between Purchase College students and Broadview residents,” Wade said. . “It’s a space that includes a creative space, a classroom space, a culinary arts section, and gathering spaces.”
Additionally, residents will be able to take college courses at “significantly reduced rates” statewide, according to Wade.
Broadview’s setting is a win-win for residents and students, she said: Residents have many opportunities to stay engaged and students have “built-in grandparents” as well as mentors from various careers. The community will also be able to provide work opportunities for students, Wade added.