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Essex Acquires 55+ Active Living Community Outside Des Moines

Written by Customer Service on . Posted in Mergers And Acquisitions.

Des Moines, IA, Oct. 20, 2020 (GLOBE NEWSWIRE) — Essex Communities, a leading developer, builder, and property management company for 55+ active living communities, announced today the acquisition of The Reserve on Walnut Creek in Urbandale, Iowa. The 121-unit independent living community is being converted by Essex from an entrance-fee model community to a rental model community and is Essex’s sixth acquisition and conversion like this over the past three years.The community will be rebranded as The Arbordale and will soon undergo a multimillion-dollar renovation that will update apartments and community spaces as well as expand services and amenities.“We’re excited to return to the greater Des Moines market to transition The Arbordale to a high-quality and vibrant rental community, offering a broad spectrum of engagement opportunities with the comforts of home,” said Frankie J. Pane, executive vice president of Essex Communities. “We have been successfully developing and operating 55+ active living communities across the Midwest and Mountain West for several decades now, so adding The Arbordale to the Essex family was a perfect fit and we look forward to creating a thriving future for its residents.”“We continue to look for additional growth opportunities via acquisitions, buy-in to rental conversions, ground-up developments, and management opportunities across the Midwest, Mountain West and to expand into the Southern U.S.,” said Pane.About Essex Communities
Founded in Omaha, Nebraska, in 1976, Essex Communities is a full-service provider to the 55+ housing industry, offering expertise in design, development, construction, acquisitions, financing, marketing, and property management. ###Attachmentarbordale logo_colorKayla Eggenberg
Essex
402-330-0110
keggenberg@smithkroeger.com

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