CHICAGO, IL - Chicago-based Evergreen Real Estate Group today announced the completion of Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, Ind. Joining Evergreen Real Estate Group at the May 15 ribbon-cutting event were multiple project partners and local officials, including Valparaiso Mayor Jon Costas.
The $30 million project is located at 2550 W. Morthland Drive and includes 48 studio and 72 one-bedroom apartments. All residences within the community are reserved for seniors aged 62 or older, with incomes at or below 60% of the area median income (AMI). A financial assistance program is available for qualified applicants. Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the development, which achieved 90 pre-leases prior to opening.
“As our second affordable assisted living community in Indiana, Green Oaks of Valparaiso is helping to fill a crucial gap in senior care and advancing our mission of improving lives and transforming communities,” said Steve Rappin, CEO of Evergreen Real Estate Group. “Much like our successful development in Goshen, Green Oaks of Valparaiso provides an exceptional housing option for area seniors who have few quality affordable alternatives available to them.”
Managed by Gardant Management Solutions, one of the largest providers of assisted living in the country, Green Oaks of Valparaiso is licensed and regulated as a residential care facility by the Indiana Department of Health and approved as an assisted living Medicaid-waiver provider by the Indiana Family and Social Services Administration.
The community is staffed 24 hours by certified nursing assistants, who monitor and assess resident health and assist with bathing, grooming, dressing, medication management and other daily needs. Additional offerings include transportation, laundry, weekly housekeeping and on-site beauty/barber services, as well as regular programming and events. The on-site dining room provides residents with three meals a day, plus a rotating assortment of snacks.
"Our focus is to provide Green Oaks of Valparaiso residents with the love, compassion and dignity they deserve and the help and assistance they need,” said Julie Simpkins, co-president of Gardant Management Solutions. “In addition, helping each resident achieve and maintain as much independence as possible for as long as possible is our top priority."
Apartments at Green Oaks of Valparaiso feature a kitchenette with refrigerator and microwave, individually controlled heating and air conditioning, ample closet space, and window treatments. Designed with resident safety and comfort in mind, each residence includes an emergency alert call system, as well as a full private bath with grab bars and a walk-in shower.
Shared resident amenities include a fitness center, beauty salon, library, computer room, private dining room, meeting space and community center with a kitchen, media lounge, fireplace and theater room. A community garden and outdoor area features a pond, courtyard and pavilion. There are 90 parking spaces for residents and visitors.
The Indiana Housing and Community Development Authority (IHCDA) awarded 4% Low Income Housing Tax Credits (LIHTC) in support of the project. In addition, the City of Valparaiso Economic Development Commission issued tax-exempt bonds, which were sold by Piper Sandler, providing debt financing. PNC Bank invested in the project, providing Low Income Housing Tax Credit (LIHTC) equity.
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 14 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 13,000 units of multifamily housing.
For more information, visit: www.evergreenreg.com