ConcordRENTS has kicked off construction on Lake Sumter Senior Living Apartments, an 88-unit affordable senior housing community in Lady Lakes, Fla.
The $16.4 million project will provide housing for residents earning between 40 and 80 percent of the area median income.
Financing for the development includes $8.1 million in tax-exempt bonds, issued by the Housing Finance Authority of Volusia County, $6.2 million in equity, from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp., and additional sources provided by the developer, Atlantic Housing Partners.
The community will be located on 7 acres at 10816 NE 87th Loop. The developer acquired the site for $3.2 million from a private investor, according to public records. The unit mix will have one- to three-bedroom floorplans.
Amenities will include a gym, clubhouse, business center and dog park. Lake Sumter Senior Living Apartments will be situated within The Villages, a 20,000-acre age-restricted active adult community.
The project comes at a time when the senior housing segment faces big challenges in the face of COVID-19. However, industry experts believe this experience paired with the sector’s resiliency could help it grow in the long run.