FARGO, N.D., March 10, 2021 /PRNewswire/ -- On Wednesday, March 10th, 2021, Real Estate Equities Development, LLC announced plans for its newest Village Cooperative senior housing community in Fargo, North Dakota. Senior cooperative housing communities originally began in Minnesota in the 1970s and have had a successful track record with over 130 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 40 Village Cooperative communities in ten states that are either operating, under construction, or scheduled for construction in the next year.
"Our company began developing Village Cooperative communities nearly 20 years ago because we saw the demand for this type of dynamic lifestyle. Retirees love home ownership, and the Cooperative gives active seniors hassle-free home ownership for an excellent value," said Shane Wright, Principal of Real Estate Equities Development, LLC.
Senior housing cooperatives offer independent ownership in a community setting with similar-age peers. Unlike other typical types of senior housing, members purchase a share in the entire development, own the cooperative collectively, enjoy the financial and tax benefits of home ownership, and have control over decisions affecting their community. The value of the member's share is based on the home's size, type and location. And because the cooperative runs as a not-for-profit entity, membership involvement increases while shared costs for services are often lower than other housing options. Another unique aspect of Village Cooperative communities is that members receive equity appreciation in the value of their share. This fixed equity growth ensures that the resale value increases each year for current members, while still being affordable for future members.
"I think the financial advantages and the ownership structure of our communities is what seals the deal for our members. In addition to the maintenance-free lifestyle, members appreciate the social opportunities and having a 'say' in decisions as well as knowing their investment is secure," said Shane Wright, Project Manager of Real Estate Equities Development, LLC.
Details for the Village Cooperative of Fargo will be unveiled at upcoming public informational seminars that begin on March 25th. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Fargo, ND location, the financial benefits as well as a background on cooperative housing and why it has been so popular. Reservations will be accepted and priority numbers given as an important step to secure a home in the new cooperative. Please call (701) 997-2900 for dates and locations of the free no-obligation informational seminars.
The three-story Village Cooperative building will feature beautifully decorated community areas including a large community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, hobby room, fitness center, and underground heated parking with car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 900 sq. ft. to over 1,500 sq. ft. of single-level living space. Options vary from one bedroom and one bathroom plans up to two bedroom and two bathroom plans, including some with dens. Each home is completely maintenance-free and has its own private laundry room, storage area and deck or patio. Fully equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member's personal style.
The cooperative will also employ a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership and operations. There is no other senior cooperative in the area that offers the convenience and easy lifestyle that is available at the Village Cooperative.
Real Estate Equities Development, LLC, is a Twin-Cities, Minnesota based real estate development and property management firm with its roots dating back to the 1970s. Over the past decade, Real Estate Equities Development has developed over 40 projects comprising over 2,200 homes with a value of over $500,000,000 in urban, suburban, and medium-sized communities. Their Village Cooperative communities can be found in Minnesota, Wisconsin, Iowa, Kansas, Missouri, Colorado, Washington State, Texas, South Dakota and soon North Dakota.
Village Cooperative of Fargo is a community for active adults 62+ who want home ownership, no maintenance and to be close to friends and family in a beautiful and secure setting at an excellent value. The cooperative offers a worry-free lifestyle with financial benefits that traditional senior condos or apartments cannot provide. Those who reserve early in this new development will have their choice of interior finishes in their home to suit their personal tastes.