Recently, the President of HighGround, Jeff Beidl, took time to discuss a few latest trends in real estate development in Indiana, including the growing interest in active adult communities like GrandView and Vista. Here’s what he had to say.
Q: Let’s start with a broad overview. What are some key development trends you’re seeing in Indiana’s real estate market?
Beidl: Indiana’s real estate market is experiencing significant growth across various sectors. One of the major continuing trends in our focus is the demand for mixed-use developments through public private partnerships. These projects integrate residential, commercial, and recreational spaces, creating vibrant communities where people can live, work, and be entertained. As we’ve seen, these developments can transform cities and towns by increase economic opportunity while offering unique solutions to the challenges.
Taking the mixed-use trend even further, we’ve experienced a growing demand for a relatively new segment: luxury active adult developments.
Q: How has the demand for active adult communities evolved in recent years, particularly in Indiana?
Beidl: It wasn’t long ago that this sector was just a blip on the radar. There was a large gap between single-family dwelling and senior living in Indiana’s housing continuum. And, I think we are seeing a collision of three important factors: the aging baby boomer generation that wants better options and can pay for it, increased consumer education about this subset of housing, and the single-family home inventory crunch many communities are facing.
Q: That’s interesting. Can you explain further how the lack of single-family home inventory effects the active adult multi-family market or vise versa?
Beidl: Yes. Studies show that sixty percent of the tenants in active adult communities come from single family homes within a 10-mile radius of the community. What is more, a housing market that includes a variety of options is more likely to meet the diverse needs of the both the people in the community and the community itself. Offering the 55+ homeowners desirable options for the next phase frees up single-family homes for families–helping to maintain a healthy available housing inventory and affordability. This diversity ensures that the available housing stock aligns with the needs and preferences of a changing population in our Indiana cities and towns.
As we embrace the evolving dynamics of the housing landscape, the rise of active adult rental communities like GrandView opens up exciting possibilities for a more inclusive and adaptable housing market.
Q: Could you tell us more about GrandView and what makes it stand out?
Beidl: GrandView is one of our flagship active adult communities in Indiana. It’s meticulously designed to offer residents a premium living experience with a focus on wellness, social engagement, and convenience. What sets GrandView apart is its comprehensive approach to active adult living. We provide top-notch amenities such as fitness centers, engaging spaces, walking trails, and social clubs. Additionally, we emphasize creating a tight-knit community where residents can form meaningful connections and enjoy a high quality of life on their terms.
We also ensure our communities are located in thriving commercial or downtown districts for the betterment of the residents and the surrounding ecosystem. GrandView is in the heart of Grand Park Village in Westfield, Indiana. The community is growing and investing in generational downtown projects, and our residents are going to have a plethora of neighboring amenities.
Q: How do you see the future of active adult communities evolving in Indiana and beyond?
Beidl: The future of active adult communities looks promising considering “The Silver Wave.” The retirement of the baby boomers will fuel the continued growth of this industry. We currently have three projects in the pipeline: GrandView, Vista in Noblesville, and CityView in downtown Fishers. We’ve only just scratched the service, as the future projected housing need for this demographic far outweighs inventory.
Q: What advice would you give to municipal officials looking to diversify housing inventory with the active adult housing market?
Beidl: My advice would be do not delay in learning more about this housing sector. Working with a developer to bring this type of housing to your community has several benefits for everyone involved. It keeps baby boomers with disposable income in your community–supporting your local businesses, while helping to free-up single-family housing inventory.
Consider the broader impact of the development by creating a project that is solution-driven much like our planned CityView development in Fishers, a community can also benefit from additional public parking or much-needed commercial spaces for small businesses.
And, of course, contact me. HighGround is always looking for partnership opportunities that create shared successes.