Inside a cutting-edge development project

by Joe Rosengarten on 25 May 2018

An array of factors are attracting more Canadians to buy in seniors housing developments. From the lack of opportunity in the oversaturated traditional marketplace to Canada’s aging population, all of the fundamentals help make seniors housing a prime opportunity.

The Founders Residences - an upscale seniors condominium in Westboro, Ottawa - is being built with two specific goals: to better meet the needs of seniors and to provide purchasers with a type of opportunity that buyers previously had limited access to. With construction due to begin in early 2019, the Founders Residences is being developed with the objective of becoming the benchmark for senior’s care in the region.

“The building offers a full array of amenities that are specific to the needs of seniors, including a full dining room, piano bar, games room, spa, indoor pool, theatre, chapel, a café bistro, and roof top terraces that provide water views,” says the Founders Residences lead developer Bruce Stewart. Other amenities include heated underground parking and a pond with beautiful green space. For the suites, we are using an award-winning designer to deliver an interior environment that will be unrivalled in the community as well as meet the needs of our residents.”

Pricing starts at just $289,000 for a Jr. one bedroom and goes up to $499,000 for two-bedroom suites. All units have the option of participating in a management program called TermVest which includes day-to-day management, tenant placement, coverage for all repairs and maintenance, and a pre-determined exit strategy.

“With the optional TermVest program, when the investor buys the unit, they put 20% down and we help them arrange a mortgage,” Stewart says. “We then put a lease agreement with each individual owner in place which creates cash flow from day one.

Units in the Founders Residences will be hitting market within the next few weeks and Stewart is excited by what he expects to be a keen response.

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