Evergreen Tops Off $30M Indiana Affordable Senior Housing

Drawing on extensive experience in developing ground-up assisted living communities, the company is nearing completion on the first of two Indiana assisted living communities for low-income older adults.

Green Oaks of Goshen

Green Oaks of Goshen. Image courtesy of Evergreen Real Estate Group

Multifamily developer, investor and manager Evergreen Real Estate Group has topped off Green Oaks of Goshen, an affordable assisted living community for low-income older adults in Goshen, Ind. First residents are expected at the property in early 2023. It will offer units for those 62 or older at or below 80 percent of area median income.

Situated at 282 Johnston St., about a mile north of downtown Goshen, the $30 million project will replace a 3-acre lot on Goshen’s north side, near existing shopping along Main Street. Its 49 studios and 71 one-bedroom units will feature kitchens with all-in-one refrigerator-freezer-microwave oven combination appliances. A full private bath with grab bars and a shower is another feature incorporated in all apartment homes. Among the amenities will be an outdoor area featuring a pond, courtyard and pavilion.

General contractor Evergreen Construction Co., a division of Evergreen Real Estate Group, has brought the wood-frame structure to its full height of four stories.

Green Oaks of Goshen will be a state-licensed community operated by Gardant Management Solutions, a company managing assisted living properties nationwide.

“As a senior housing company, we are always on the lookout for communities in need of the developments we build,” Steve Rappin, CEO of Evergreen Real Estate Group, told Multi-Housing News. “Goshen is a great city with more than 35,000 people and a vibrant downtown, but few truly affordable options for those in need of assisted living. We believe Green Oaks of Goshen will be the perfect fit for Goshen.”

Bonds issued

The Indiana Housing and Community Development Authority authorized 4 percent Low Income Housing Tax Credits to support the development. The city of Goshen issued tax-exempt bonds sold by Piper Sandler, providing debt financing. Affordable Housing Partners invested in the project, providing LIHTC equity.

“We received a lot of support from the city of Goshen and its great staff, who were instrumental in helping us overcome the multitude of issues that arise with complex new-construction projects,” Rappin said.

“Led by our strong design and construction team, including WJW Architects and Evergreen Construction Co., the construction has progressed smoothly. We credit our comprehensive pre-construction process, which allowed us to get in front of any difficulties, namely cost increases and supply-chain issues.

“We are also fortunate to have proficient subcontracting partners—many from the local community—to execute the work.”

Green Oaks of Goshen is Evergreen’s first affordable assisted living development in the Hoosier State and will be followed by a second ground-up assisted living project now under construction by Evergreen Construction Co. That project is Green Oaks of Valparaiso, a three-story, 120-unit community for low-income seniors in Valparaiso.

Last month, Evergreen and Imagine Group broke ground on an affordable housing project in Chicago’s Auburn Gresham neighborhood.

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