An Iowa-based developer of senior housing cooperatives is looking to expand into neighboring states with a new twist on a decades-old model.
The company, Pella, Iowa-based Ewing Properties, has 11 senior housing cooperatives in the state under its Vintage Cooperative brand.
Like other kinds of senior housing co-ops, residents in Vintage Cooperative communities don’t rent their units or own a deed to a house. Instead, buy a share of an overall development, and typically only pay monthly charges for things like assessments, maintenance and repairs. Co-op residents also have voting rights over decisions made in the community, and typically have more control over their units’ interior designs.
Community managers handle the resale process in-house when a Vintage Cooperatives resident wants to move. And as a resident lives in their home, the unit appreciates value so that when it comes time to sell, the money goes back to them or to a beneficiary.
Over the years, the co-op concept hasn’t expanded to states far beyond its birthplace in Minnesota. But with Vintage Cooperatives, Ewing Properties is tweaking the co-op model to include freestanding “patio homes,” and expanding it into new footholds in the Midwest and potentially beyond.
In newer development projects, Vintage Cooperative is building patio homes so residents can share the community without sharing walls with one another.
Learn more about our Pella Community