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Aravilla Carrollwood
Location: Lakewood Ranch, FL
Sector: Investment Fund.
The business purpose is to develop and own Aravilla Carrollwood (Project), a licensed assisted living & memory care community totaling 142 units/155beds.
Preliminarily, the Project will be 113,000 square feet & cost about $29.6 million stabilized and features what Autumn calls “I-Lite” Assisted Living. I-Lite offers the great features of independent living communities, such as large apartments and on-site restaurants, while providing discretely all the assisted living services residents expect from a licensed facility.
The memory community will be purpose-built to serve memory residents with Alzheimer’s, ALS, stroke-related and other types of dementia.
Business Documents
| Target Fund Size | Capital Structure | ||
| Development Capital | $29,655,735 | 100.0% | |
| Debt | $20,759,014 | 70.0% | |
| Equity | $8,896,720 | 30.0% | |
| Management Fee’s: | 3% of total development costs
6% of Operating Revenue with a $12,000 monthly minimum 15% promote after a 10% preferred return |
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| Target Yield or Return | 20% IRR after promote | ||
| Noteworthy Terms: | Manager earns a 15% promote after a 10% preferred return.
Manager’s investment entity will invest up to 10% of the equity. |
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| Limited Discretion | Advisory committee to approve changes to strategy or fund terms | ||
| Structure | Limited Liability Company | ||
Autumn focuses on licensed assisted living communities:
- Memory care for residents with Alzheimer’s and other dementia 50-80 residences.
- Assisted living communities of 80-120 residences. These communities offer larger residences, more amenities for residents who are interested in maintaining their lifestyle yet have assisted living services available.
These communities may be combined into one campus or built independently. Autumn’s target markets are Tampa Bay south to Naples, Florida’s East Coast and the Orlando area. Other areas would be considered within Florida only opportunistically. Autumn is looking to develop a minimum of eight projects within the next 5 years.
Opportunity Highlight
1.Growing Market
Assisted living is the best way to take advantage of the silver tsunami. While there are plenty of opportunities in today’s real estate market, few offer operating cash flow against a solid market. Assisted living does.
2.Experience in market
Autumn has decades of experience in the Tampa Bay market and understands the local market.
Jim Soper, CEO
Jim Soper has over 34 years of senior living development and management experience. He has developed and managed 11 senior care communities on the Florida Gulf Coast.
Mr. Soper’s critical success factors for great senior care are:
1.Compassion as the cornerstone of decision-making.
2. Constant attention to details from start to finish.
3. Hire the best and expect the best.
4. Empower the staff to make decisions.
Mr. Soper’s first assisted living development was the 92-bed, Carriage Inn, St. Petersburg, Florida. He managed Carriage Inn from 1990 -1995. Following Carriage Inn, Mr. Soper developed the Heron House assisted living communities into a chain of five properties totaling 580 units. Following Heron House Mr. Soper managed the stabilization of the Seasons properties totaling 170 units.
He is responsible for the development of Autumn’s state-of-the art memory care. He leads the development of Autumn’s newest Aravilla Assisted Living concept, embodied by Aravilla Sarasota.
Kerry Bingaman, Chief Financial Officer
Mr. Bingaman is a Certified Public Accountant and accomplished Financial Operations Executive with significant experience in Strategic Planning, Operations, Information Technology, and Finance with the proven ability to integrate systems solutions in the Assisted Living. Well-versed in all aspects of budget development, tax laws, risk management and regulatory compliance that enable the company to provide the highest level of customer service in the most financially efficient manner.
Mr. Bingaman has a Bachelor of Science – Accounting and a Masters of Accountancy from University of South Florida.
Robert Ross, Chief Development Officer
Mr. Ross has more than twenty years’ experience in P&L, operations, real estate development, financial analysis, treasury, and accounting oversight. He has extensive experience in US domestic & international real estate and business start-ups. He supervised the development of three of Autumn’s assisted living projects totaling $37 million. Before Autumn, he worked on the adaptive reuse of over 360,000 square feet of properties and managed over $250 million in assets.
Mr. Ross holds an M.B.A., Northwestern University Kellogg Graduate School of Management and completed executive programs in private equity and valuation at Harvard Business School.
