Evergreen Real Estate Group Moves Forward with 120-Unit Assisted Living Community in Indiana
Chicago-based Evergreen Real Estate Group has secured funding for Green Oaks of Valparaiso, a three-story, 120-unit assisted living community for low-income seniors in Valparaiso, Indiana.
Evergreen Construction Company, a division of Evergreen Real Estate Group, will serve as the general contractor for the development and plans to begin preliminary work on the site this month. Green Oaks of Valparaiso will welcome its first residents in early 2023.
Located at 2550 Morthland Drive, the $ 30 million project will provide 48 studios and 72 one-bedroom apartments, all of which will be reserved for people aged 62 or over, with income equal to or less than 60% of the median income of the region. A financial assistance program will be available for eligible people.
Managed by Gardant Management Solutions, the nation’s 10th largest assisted living provider, Green Oaks of Valparaiso will be licensed and regulated as a residential care facility by the Indiana Department of Health and approved to be a Medicaid care provider through the Indiana Family and Social Services Administration.
Each residence will include a kitchenette with an electric stove, refrigerator and microwave, as well as a private bathroom complete with grab bars and a walk-in shower. The apartments will also include window treatments, individual heating and air conditioning, and an emergency alert call system.
On-site facilities at Green Oaks of Valparaiso will include a community room with kitchen, multimedia and theater room, computer room, meeting room, fitness center, beauty salon, library, community garden and outdoor area including a pond, a courtyard and a pavilion. There will be 90 parking spaces for residents and visitors.
The community dining hall will serve residents three meals a day, as well as a rotating assortment of snacks. Certified staff will provide 24-hour care and assist residents with bathing, grooming, dressing, managing medications, and running errands. Other services include laundry, weekly housekeeping, and transportation to offsite healthcare providers and other destinations throughout Valparaiso.
The Indiana Housing and Community Development Authority authorized 4 percent low-income housing tax credits to support the project. In addition, the city of Valparaiso issued tax-exempt bonds, which were sold by PiperSandler, providing debt financing. Banque PNC invested in the project, providing tax credits for social housing.