Luxury senior living moves into Twin Cities neighborhoods
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The pool, sun deck and hot tub at Avidor Minnetonka. Photo: Courtesy of High Street Residential
Glittering apartment buildings that cater to deep-pocketed seniors are claiming hot parts of the Twin Cities.
Why it matters: More senior communities look like modern luxury apartments — including a resort pool, sometimes filled with grandkids.
Driving the news: America is going gray. Baby boomers and their kids make up a growing share of the country's population, according to census data.
Zoom in: Picturesque complexes opened this year in Minnetonka, Maple Grove and Bloomington.
- Newcomer Risor St. Louis Park offers a pickleball court, golf simulator and yoga studio, among other perks and sleek apartment finishes.
- Rents there range from $1,890 for a one-bedroom to $5,300 for a three-bedroom penthouse.
What's happening: Apartment developers are courting empty-nesters as young as 55 years old, dangling prime locations, easy living and amenities you'd expect at a five-star hotel, senior living expert James Hill with Kirksey Architecture tells Axios.
What they're saying: "If you just want a place to hang your hat, you could find something cheaper. For me, it's been great," says Avidor Edina resident Ginger Mateer, who tells Axios she hosted a choir party and Christmas dinner in the building's opulent lounge space.
- Plus, the location "can't be beat," Mateer says: Near the 50th & France shopping and dining district, a grocery store and other conveniences.
- Rents start at $1,799 a month.
Yes, but: Many senior citizens can't afford plush prices, says senior economist Lu Chen at Moody's Analytics, whose research shows rents for more traditional senior housing are climbing across the U.S.
- Be smart: Some buildings, such as Avidor Edina, set aside a portion of their apartments as affordable housing.
Reality check: Steep housing costs especially burden Americans on fixed incomes, contributing to rising homelessness among baby boomers, The Wall Street Journal reports.
- Most Twin Cities renters age 65 and older spend at least 30% of their income on housing, per census figures.
Zoom out: Walkability remains the biggest selling point for both old and young renters who have more luxury options to choose from.
- "People are not going to come rent because they want your building. It's because they want to be in your neighborhood," Hill says.
Between the lines: Our customers want a community that's social and active, says Jackie Rhone, an executive director at Greystar Real Estate Partners, which develops and manages "active adult" apartments nationwide and has plans to expand.
The intrigue: Boomers comprise the largest slice of renters living alone in the U.S., as many ditched homeownership for a low-maintenance apartment, per a new report by RentCafe.
- The average age of a solo renter in the Twin Cities area was 57 in 2021, according to the report.
What we're watching: Single-family rental homes. The hot suburban segment appeals to some older adults who want property management perks, but without neighbors on the other side of the wall.
- Greystar opened a built-to-rent townhome community in Maple Grove last week, its first in Minnesota.