Fredericksburg, Virginia
Background
 As baby-boomers age, opportunities to develop housing to accommodate these “active seniors” are growing. Yet, careful planning is needed to balance the lifestyle expectations of this senior demographic group with their unique financial and support needs.
When a private partnership decided to create such a community in Fredericksburg, Virginia, they faced major design and planning decisions that would impact the project’s marketability and financial success.
There were numerous variables and decisions to be considered: What amenities and onsite services should be included? Should the proportion of one-bedrooms be 30% or 50% of the project? What size should the units be? Was an onsite pool needed? Should finishes include granite or laminate countertops? What was the realistic rent range for this market?
The Approach
The partnership enlisted CRC to help conceive and deliver the community. CRC began with market research and recommendations that addressed all of the planning and design concerns.
As the project’s construction proceeded, CRC opened a marketing office and conducted a pre-leasing program that included advertising and promotional events. CRC also assisted the developer in creating social and community programming to attract residents.
Results
The Evergreens at Smith Run opened in November 2003, as a highly amenitized, market-rate community for active adults. With pre-leasing begun in June 2003, the 130-unit development was fully leased and stabilized – taking less than twelve months.
From concept to completion, CRC Multifamily played an integral role in the success of this niche market rate project, and today, continues to manage this community for the owners and its residents.
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