GOSHEN, IN - Evergreen Real Estate Group today announced the completion of Green Oaks of Goshen, a four-story, 120-unit assisted living community for low-income seniors in Goshen, Ind. Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which recently welcomed its first residents and is currently 50% leased.
Located at 282 Johnston St., approximately a mile north of downtown Goshen, the $30 million project replaces a vacant 3-acre lot on the city’s north side, near an existing Salvation Army building and retail along Main Street. The state-licensed community is operated by Gardant Management Solutions, a Bourbonnais, Ill.-based firm that manages assisted living properties across the country. Through its construction and now permanent operations positions, the project has created more than 100 jobs and investments in the local community.
“We were honored to work with Goshen officials and other project partners to realize our vision for this new affordable assisted living community,” said Steve Rappin, CEO of Evergreen Real Estate Group. “Green Oaks of Goshen provides critical housing for low-income seniors, ensuring they can remain in the area while receiving personalized care that improves their physical, mental and social well-being. Our mission at Evergreen is to transform communities and improve lives, and we are truly seeing this in action as we celebrate this grand opening and welcome the first residents into their new homes.
“Looking ahead, we plan to pursue additional assisted living projects of this type to address the housing needs of our country’s aging population,” said Rappin. “This development will serve as a model as we look to expand our portfolio into additional supply-constrained markets.”
Green Oaks of Goshen offers 49 studio and 71 one-bedroom apartments, all of which are reserved for seniors aged 62 or older, with incomes at or below 80% of the area median income (AMI).
Each residence features a kitchen with an electric range and MicroFridge® refrigerator/freezer/microwave all-in-one appliance, as well as a full private bath with grab bars, a raised toilet and wheelchair-friendly, roll-in shower. Apartments also have individually controlled heating and air conditioning and an emergency alert system.
On-site amenities at Green Oaks of Goshen include a community room with kitchen; private dining room; media and theater room; computer room; meeting room; fitness center; salon; library; community garden; and outdoor area featuring a pond, courtyard and pavilion.
Additionally, Gardant’s certified staff delivers around-the-clock service, including assistance with personal hygiene and other daily living activities; medication administration; ongoing health monitoring; housekeeping; three daily meals plus snacks; and transportation to medical appointments and other off-property destinations. Residents also benefit from opportunities to socialize with family, friends and new neighbors as well as participate in regular programs and events.
The Indiana Housing and Community Development Authority (IHCDA) authorized 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the city of Goshen issued tax exempt bonds that were sold by Piper Sandler, providing debt financing. Affordable Housing Partners (AHP) also invested in the project, providing Low-Income Housing Tax Credit (LIHTC) equity.
Green Oaks of Goshen is Evergreen’s first affordable assisted living development in Indiana, one of two the firm currently is developing in the state. The second is Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso that is scheduled to open in April 2024.
About Evergreen Real Estate Group: Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across 13 states and the District of Columbia. Evergreen specializes in thoughtful, creative residential development solutions -- from adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing. The firm is led by a passionate, cross-disciplinary team of developers, architects, urban planners and attorneys who have come together to create high-quality apartment communities, often in collaboration with local municipalities and financial partners who share its vision of investing not just in real estate, but also the people who call our communities home. Evergreen currently owns and manages more than 12,500 units of multifamily housing. For more information, visit www.evergreenreg.com