Applewood Pointe Communities Meet Needs
of Growing Senior Housing Market
 Applewood Pointe communities are residential senior cooperatives that offer residents the benefits of home ownership and equity without the maintenance demands. . |
Challenge
In 2000-2001, the local commercial real estate market was exhibiting signs of change. United Properties sought to expand into a new segment of the real estate market with a cycle different from the office and industrial leasing market. Recognizing the changing demographic profile of the area—an increasing number of local residents were approaching age 55 and older—the Development group at United Properties explored options for meeting the changing real estate needs of local residents
Research revealed that the concept of a senior cooperative was a rapidly growing market niche. Cooperative living is appealing to many seniors because the residents receive the benefits of home ownership and a fixed mortgage cost without the maintenance demands of a typical home.
Strategy
United Properties sought locations for senior cooperatives that would benefit the communities in which the senior population was currently living. Seniors are often involved in their communities and prefer to remain close by upon retirement or downsizing.
The high standards United Properties has for every project ensured that each Applewood Pointe community would be unique, built with high-quality materials and workmanship and be an asset to the area in which it is built.
Results
The Metropolitan Council recognized United Properties for its efforts in creating housing options for seniors transitioning from their family homes in Roseville, where the first Applewood Pointe location was part of a redevelopment opportunity. Residents of the 94-unit complex, many of whom relocated from houses within the city of Roseville, moved into their new homes beginning in August 2004. Applewood Pointe communities are also located in Maple Grove, Bloomington, New Brighton and Woodbury.
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