New Village Cooperative senior housing concept coming
LONDON: A new Village Cooperative seniors housing concept has been developed and is ready for roll out.
On Wednesday, March 10th, 2021, Real Estate Equities Development, LLC announced plans for its newest Village Cooperative senior housing community in Fargo, North Dakota. Senior cooperative housing communities originally began in Minnesota in the 1970s and have had a successful track record with over 130 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 40 Village Cooperative communities in ten states that are either operating, under construction, or scheduled for construction in the next year.
“Our company began developing Village Cooperative communities nearly 20 years ago because we saw the demand for this type of dynamic lifestyle. Retirees love home ownership, and the Cooperative gives active seniors hassle-free home ownership for an excellent value,” said Shane Wright, Principal of Real Estate Equities Development, LLC.
Senior housing cooperatives offer independent ownership in a community setting with similar-age peers. Unlike other typical types of senior housing, members purchase a share in the entire development, own the cooperative collectively, enjoy the financial and tax benefits of home ownership, and have control over decisions affecting their community. The value of the member’s share is based on the home’s size, type and location. And because the cooperative runs as a not-for-profit entity, membership involvement increases while shared costs for services are often lower than other housing options. Another unique aspect of Village Cooperative communities is that members receive equity appreciation in the value of their share. This fixed equity growth ensures that the resale value increases each year for current members, while still being affordable for future members.
