As the nation’s groundswell of baby boomers continues to age, the U.S. faces a looming crisis of projected shortfalls in midmarket-priced housing. Addressing this need is Viva Bene, a first-of-its-kind 55+ multifamily housing brand offering health-centric, community living at midmarket-priced rental rates.
The first Viva Bene active adult property is hosting its grand opening in the St. Louis suburb of St. Peters, Missouri. At nearly 200,000 square feet with 161 apartments, this development is the nation’s first to intentionally blend price-attainable housing with resort-style wellness amenities and preventive healthcare services. In the three months since its soft opening, it is 50% leased.
“We set out to create a model that empowers residents to live healthier, more fulfilling lives in a community offering opportunities for an engaging lifestyle and convenient access to preventive healthcare — and to do so at a price point far lower than most retirement communities,” said Laurie Schultz, co-founder and principal of Viva Bene and Avenue. “Viva Bene changes the ‘senior living’ paradigm by incorporating early access to care navigation and chronic care management. It’s about proactive prevention and infusing wellness into everyday life so people can thrive.”
In addition to providing readily available preventive healthcare, Viva Bene provides a holistic wellness hub with fitness, yoga and meditation classes, a fully appointed gym, healthy cooking workshops, and other wellness-focused experiential education. Residents can also use co-working niches and enjoy social engagement opportunities in comfortable gathering spaces and outdoor areas such as pools, pickleball courts and picnic areas.
Schultz cited U.S. Bureau data projecting 30% growth in the over-65 population through 2040 and American Housing Association data showing that 11% of those over 65 currently live in some form of senior housing. “According to Capital Economics, if this trend continues, demand for senior housing will grow 50% in the next 16 years. Healthier renters remain in their homes and our communities longer. I’m encouraged that more real estate investors are looking at senior housing, especially more price-attainable multifamily models,” she stated.
Missouri Economic Research and Information Center data shows that the number of senior citizens in Missouri is expected to increase 87% between 2000 and 2030 and, by that year, persons over age 65 will represent more than one-fifth of all state residents. A large number of these fall into the forgotten middle, those who don’t qualify for subsidized housing but can’t afford traditional senior living options.
Unique to the Viva Bene model is a third-party collaboration with Sevi Health for preventive health services. Viva Bene residents can opt to receive care navigation and chronic care management services from Sevi Health and also access primary care from the medical practice’s providers. Sevi Health engages directly with residents and bills insurers including Medicare Advantage plans.
According to Schultz, care navigators (clinical concierges) help residents traverse healthcare system complexities and embrace a more proactive approach to health. “Much of Sevi’s focus is to identify, address and reduce risks associated with chronic conditions,” she said. “If we are going to improve quality of life and save real dollars in the overall healthcare system, we must promote health among individuals as they enter the medical risk pool rather than waiting until later when many have multiple chronic conditions and require assistance with daily living.”
St. Charles Regional Chamber President & CEO Scott Tate said, “Many of today’s real-world needs are not being met with current senior housing models. We must seek new ways to help older adults live healthier, more fulfilling lives. We were fascinated when we first learned about this innovative apartment concept, and we’re thrilled to be the first municipal area delivering this attainably priced senior housing option.”
In describing the active adult model, Schultz emphasized that “instead of ‘aging in place’ in ‘needs-based’ environments, individuals ‘age well in place’ in ‘wants-based’ settings. Viva Bene extends on this by more fully integrating healthcare into 55+ housing.”
Viva Bene leases are based on each metropolitan area’s midmarket rental pricing. At its first site, Viva Bene St. Peters, one-bedrooms start in the $1,600’s per month. Garage parking and additional storage units are the only add-on fees. This differs from continuum-of-care communities where monthly prices average $3,450 and fees for buy-in models average $410,000.
Avenue is partnered with Greystar, the nation’s largest operator of apartments, to manage Viva Bene St. Peters. A nationally recognized leader in active adult, Greystar ensures its signature lifestyle programming includes a robust activities calendar to help residents stay physically, mentally and socially engaged.
