RISE has begun development on a new, 55+ active living, age targeted community near Melbourne, FL. On May 27, 2022, RISE announced it had closed on financing for the deal with Schneider Downs Corporate Finance, LP (“SDCF”) as the equity partner.
The $49M development will consist of 166 units of one- and two-bedroom apartments and cottages. This 248,000 square foot development is set for a late 2023 delivery.
“We are very excited to be bringing this 55+ age targeted community to Brevard County. We have a great team assembled that will deliver the resort-style living, convenience, and comfort our residents look for. Viera, being a top-15 master planned community, provides the vibrant and diverse backdrop we look for in deals like these,” said Greg Hunter, RISE Chief Financial Officer.
This 55+ active living development is located in Viera, which is an affluent, master planned community located in the central coastal region of Brevard County, FL.
“This is our eighth partnership with RISE since 2014, and we couldn’t be more excited to bring a 55+ Active Living development to Viera,” says Tyler Reeder, Director, SDCF.
“55+ active living properties have been a target property type for us. This development presented a tremendous opportunity to support this community’s exceptional growth along with RISE, our longtime development partner.”
Viera showcases over 100 miles of multi-use trails and access to wetland and conservation areas, numerous community and neighborhood parks, a resort style amenity center, unique shopping and dining options, A-rated schools, and diverse recreational opportunities.
RISE’s Viera development will offer easy access to shopping, retail, and entertainment, which will all be within walking distance or a short golf cart ride. The community will feature amenities such as: a pool, fitness center, community kitchen, clubhouse, green courtyard, dog spa, postage center, maker’s space, golf cart garages, and more.
Eleven duplex cottages, and two four-story apartment buildings will offer 166 units of resort-style, luxury living to those 55 and older. RISE will professionally manage the community.
Recently, RISE also announced two other new developments in Florida: a 331-unit multifamily development in Baymeadows neighborhood of Jacksonville, and a 320-unit multifamily development in suburban Tampa, FL.
About Schneider Downs Corporate Finance
SDCF is the full-service investment banking, corporate finance and strategic advisory arm of Schneider Downs & Co., a Top 60 independent Certified Public Accounting (CPA) firm headquarter in Pittsburgh, PA. Since 2014, SDCF has invested over $180 million in more than 25 real estate projects throughout the country, primarily focusing on multifamily and student housing properties. SDCF helps high-net-worth individuals and family offices by providing private real estate investment opportunities on a national basis. To learn more, visit www.sdcorporatefinance.com. Schneider Downs Corporate Finance, LP is a registered broker/dealer. Member FINRA/SIPC.
Since 1995, RISE: A Real Estate Company has made a name for itself as an industry leader in multi-family housing development, construction, management, and financing. RISE’s history is abounding with intentional moves that grew RISE into the cultural pioneer of the industry that they are today. RISE’s purpose is to positively impact others, one person at a time. RISE’s commitment to partners and residents alike holds the company to a higher standard. RISE remains steadfast and sincere in its dedication to the values that lifted them to where they are today.