Empire offers active seniors a better way of living: a flexible, worry-free lifestyle, plus access to a wide range of first-class amenities, breakfast and the opportunity to be part of a vibrant, active peer community. The most recent third-party appraisal of the property was conducted in June 2020. The As Is -Land Value was estimated at $400,000.00; the As Complete - Value Conclusion was $6,400,000 and the As Stabilized – Value Conclusion was $6,800,000.
Empire is a 22,901 square foot ground-up new development situated on a 2.81-acre site. The Sponsor finished construction and has begun leasing up the property. In total, Empire has 27 physical units split up across fifteen (15) one-bedroom units, twelve (12) two-bedroom units, and twenty-seven (27) garages. To the Sponsor’s knowledge, Empire is the only senior living product available in the market and will establish the market rate for this specific target niche. In addition, the target tenant is retired and likely transitioning to renting from homeownership. The Sponsor seeks to strategically appeal to adults seeking a more worry-free lifestyle, first-class amenities, and an active peer community.
The Property is located in Silvis, Illinois. It is 165 miles from both Des Moines, Iowa and Chicago, Illinois. Silvis is also part of a larger metropolitan area known as the Quad Cities, an area situated across four counties in Illinois and Iowa. The location of Silvis allows for easy access to major metropolitan areas including Minneapolis, Omaha, Kansas City, St. Louis, Milwaukee, and Indianapolis giving Silvis daily access to millions of people and thousands of businesses. Silvis has easy access to both rail and interstate infrastructure, two major medical centers, and several community college/university districts. The Quad Cities hosts more than 30,000 businesses, including Deere & Company World Headquarters, 3M, Alcoa, and the Rock Island Arsenal. The immediate neighborhood for the development contains many entities that would support and complement a senior living development. It includes healthcare providers, shopping, and some market-rate housing options. Per Moody’s/REIS, income and asking rents are expected to increase annually for the next five years, an estimated 3.2% and 3.0%, respectively. Additionally, vacancy is expected to remain constant in the market, at ~4%. To our knowledge, the Property will be the only senior living product in the market and will establish the market rate for the specific target niche.
Estimated Rent Growth
Estimated Area Median Income Growth
Deal Documents & Disclosures
No documents provided yet.
Rhove Real Estate 1, LLC is “testing the waters” for a possible offering of securities under Regulation A of the JOBS Act. No money or other consideration is being solicited by the company at this time, and if sent in response, will not be accepted. No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is qualified, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. If you indicate interest, your indication of interest involves no obligation or commitment of any kind. If an offering statement has been filed, you may obtain a copy of the most recent version of the Preliminary Offering Circular from Rhove Real Estate 1, LLC at 629 North High Street, 6th Floor, Columbus, OH 43215 or by e-mailing firstname.lastname@example.org. You may also obtain a copy of the Preliminary Offering Circular linked here.