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Presidium has broken ground on Artistry at Edgestone, a senior housing community in Frisco. The 188-unit property, slated for completion in mid-2020, will offer apartments and independent living cottages on an 18-acre gated site.
The development comes at a time of relatively strong senior housing fundamentals. During the fourth quarter of 2018, average senior housing occupancy in DFW rose to 84.1% from 83.7%, while annualized rent growth was 1.3% for the quarter, compared with 0.3% during Q3 2018, according to the National Investment Center for Seniors Housing & Care.
Even so, DFW is a little behind the national averages for those metrics. Nationwide, average occupancy was 87.9% in Q4 2018, with rents rising an annualized 3%, NIC reports.
Presidium co-CEO John Griggs said the new development's strong suits are its open environment and its Frisco location.
"Being nestled within some of the most impressive parks and walking trails in the country, it's for mature adults who enjoy the outdoors and wish to maintain an active lifestyle,” Griggs said.
The development will consist of one three-story residential building with elevators and seven one-story bungalows with cottage units.
Common amenities include multipurpose clubrooms, a resort-style swimming pool, a fitness and wellness center, a library and cyber lounge, a media and game room, a hair salon, and an arts and crafts center. The property will also sport a bocce ball court, a walking trail, a dog park and a resident gardening area.
The project is aiming for certification by National Green Building Standards, which verifies the campus’ sustainable performance in site design, resource efficiency, water efficiency, energy efficiency, indoor environmental quality and building operations and maintenance.
Besides Artistry at Edgestone, the locally based Presidium has plans to break ground on another 1,700 residential units in the next 12 months, with more than 1,000 of these in the Dallas-Fort Worth market.
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