Avenue brings a unique advantage to developing Active Adult communities by offering multiple perspectives that pull from years of experience. To share an in-depth look at what sets us apart, we sat down with Laurie Schultz, Principal and Co-Founder, to share the Avenue advantage in Active Adult campus development.
Hear from Laurie Schultz
There are two entrants that are coming into Active Adult right now, and it’s those that have expertise in multifamily and groups that have expertise in senior housing. Avenue comes from the latter, but we also have a very, very strong benefit of having extensive construction experience, not just development in senior housing. I think that’s really where our advantage comes in, in campus development is that when we are looking at a site, we are looking at it from a perspective of market analysis.
We are looking at it from a cost perspective on development and visualizing what the building’s going to look like and working with the architect on that. But then how are we going to take that building and actually bring it to life with our construction expertise? And it’s viewing it in those three lenses. That really gives us the advantage when we look at a new Active Adult campus community.
When we first started Avenue, I was steadfast that we would only be a real estate development and ownership company, and I am so happy that through the years, my partner Mike, has gotten me to see the world differently. And through our own experiences with operational partners, we have learned so much through that process. And the one large benefit that Team Ave has, compared to other development companies, is our in-house operational expertise.
Brian Lane joined us many years ago, as our Vice President of Strategic Development, and it’s his operational expertise that has really allowed us to get into the nuances of new development, pro formas. Because as much as we think that the real estate is driving success for these buildings, it’s the operations and it’s the people on the operations side and residents and their satisfaction and how that building is being managed day to day.
That really drives value in real estate. The Avenue expertise has become very crucial to the success of many of our communities. We are able to pull in a lens of looking at a community from a multifamily perspective, and I include in that Active Adult, we’re able to take our years of experience in seniors housing and understand what are the operational benefits and efficiencies that we can bring into the community from that lens.
We’re able to look at the forward thinking, innovative changes that are happening into today’s healthcare environment and bring those both into the real estate from a physical perspective, but also into operation changes where we can implement value based care principles on the operational side of the business to really drive NOI value. That therefore drives the value of our real estate.
For many years, our industry has looked at operations and development and construction in such silos, and we have found experts in those individual fields. But the environment is changing in both active adult and seniors housing. As the baby boomer generation enters the market and their demands and their wants, and the perspective that comes into what is driving us in this industry in the future.
Our belief at Avenue is that partnerships are going to drive with changes in the future. It is no longer acceptable to keep all of that on our own balance sheet, or even financially feasible to have a community that is saying that they are doing everything well, from hospitality to culinary to a real estate home. For someone that is impossible, to have that on our shoulders anymore, and that’s proving out that it’s not financially viable.
At Avenue, we are finding partnerships, whether that be internal, like Avenue Construction or external, with our health care primary care partners, Sevi Health, to really drive operational and net operating income efficiencies out of our buildings. We are truly excited about the future of Active Adult, and as that definition continues to evolve, we will be on the forefront in leading edge of what is a health and wellness based property in Active Adult.
Avenue’s multifaceted expertise positions us uniquely in the Active Adult community development sector. Our comprehensive approach, encompassing market analysis, cost-effective development, and construction prowess, ensures a seamless transition from concept to reality. The integration of in-house operational expertise and strategic partnerships enhances our ability to deliver superior living environments.
As the landscape of Active Adult communities evolves, Avenue Development remains at the forefront, driving innovation and value through their holistic and forward-thinking approach. Contact us today to learn more.