October 20, 2020
Des Moines, IA, – 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.