A team of Atlanta leaders plans to take senior housing to college towns nationwide
Varcity at Purdue is anticipated to span roughly 13.5 acres on the campus of Purdue University in West Lafayette, Indiana.
Courtesy of Varcity, Reach Architects & Gensler
A team of Atlanta-based leaders is looking to bring multigenerational living to university campuses across the country, betting on a unique senior housing model at a time when new development has slowed.
Varcity is a brand of planned retirement communities that would be made possible through public-private partnerships with affiliating universities.
The concept is the brainchild of Les Strech, a senior housing player with upwards of two decades of experience in the field.
Strech told the Chronicle in an interview he came up with the idea about six years ago, inspired by the notion that when people of all ages live among one another in a community ⎯ everyone benefits.
Varcity communities would be reserved for seniors aged 55 and older and offer access to a diverse mix of amenities, including multiple on-site restaurants, amphitheaters, salon and spa services, pickleball courts, laundry and linen services and student mentorship opportunities, according to the project’s website.
As part of Varcity’s arrangements with participating universities, seniors also have the chance to attend college classes ⎯ free of charge.
“I’m only ever going to build communities where all ages and all abilities can live in community together,” he said. “The reason why is because people flourish in community.”
Senior housing occupancy climbs as construction stalls
The national senior housing occupancy rate has been rising for 20 consecutive quarters, according to findings from the national independent senior housing data provider NIC MAP.
The sector has grappled with a substantial supply-demand imbalance for years as the youngest members of the baby boomer generation rapidly approach retirement — to the point of outperforming the pace of new construction. Multifamily development has fallen off because lofty interest rates and construction costs make projects difficult to pencil out.
"It’s the perfect time to be building,” Strech said. “Everyone knows that there needs to be new developments, but the cost to build just hasn’t been able to make sense.”
As for the Varcity’s appeal, Strech told the Chronicle that many active seniors are attracted to the concept’s potential to deliver a premier living experience in culture-infused, walkable settings such as college towns.
Varcity attracts big names in Atlanta real estate
Several big names in the Atlanta-area real estate world and related industries have joined Varcity’s leadership team since its inception. This includes consulting firm Secretariat founder Don Harvey, The Macallan Group co-founder Mike Minutelli, Carter Chairman and CEO Scott Taylor and Ansley Real Estate Christie’s International founder Bonneau Ansley III.
“There’s no way we would have gotten here [without them] because of the size of these developments,” Strech said. “It really has turned into a dream partnership.”
Strech on July 22 closed on the land for Varcity’s inaugural development, which would rise on the campus of Purdue University in West Lafayette, Indiana. He did not disclose the price.
Varcity at Purdue would span roughly 13.5 acres and feature 239 residences with townhome, stacked flat and villa-style homes, a spokesperson told the Chronicle on Thursday. It's scheduled for delivery in the summer of 2028.
An additional Varcity project is in the works on the campus of Texas A&M University in College Station, Strech said. Both ventures are anticipated to cost over $100 million each to develop.
The projects in development have waiting lists to move in once completed, Strech said. The waiting list for the Purdue location features prospective residents spanning seven states.
The average age of both waiting lists is around 70, he said, suggesting that many older adults are looking to spend their golden years in an environment that stands apart from that of traditional retirement living.
Strech said that Varcity’s educational component is also appealing to seniors, who are in a stage of life to better appreciate the practice of learning.
“We’re bringing a new consumer into the ecosystem of higher education,” Strech said. “And that’s exactly what higher education is looking for.”
By Janelle Ward – Staff Reporter, Atlanta Business Chronicle