Three-Way Partnership to Benefit Northfield Senior Housing
The Northfield Retirement Community and Northfield Real Estate Fund to acquire 1000 Cannon Valley Drive properties.
Editor's note: This is a press release.
The Northfield Retirement Community and the Northfield Real Estate Fund LP—a fund created by locally owned Rebound Enterprises —announced that they are partnering to acquire and manage properties from several of the owners of 1000 Cannon Valley Drive.
Owners who sell their units will have the opportunity to continue living at 1000 Cannon Valley Drive if they choose. The properties will be purchased by the Northfield Real Estate Fund and then rented to anyone who meets the rental requirements, with Northfield Retirement Community acting as the leasing agent and potential care provider.
A leader in senior living and care options in Northfield since 1969, the Northfield Retirement Community is entering this partnership as a means of expanding its services into the Northfield community and surrounding area. They will be taking the same quality care they are known for in their facilities—such as skilled nursing and housing with services—to offer a continuity of care that allows clients to remain in an independent living environment.
The Northfield Real Estate Fund seeks to provide meaningful returns to investors while adding significant value to the community by acquiring and developing strategic commercial, residential and mixed-use properties. The fund was created by locally-owned Rebound Enterprises, a diversified investment, management and holding company. The company is led by managing principal Brett Reese, who has more than 25 years of real estate experience and is very active in the Northfield community.
“Northfield residents have long considered 1000 Cannon Valley Drive to be a highly desirable living option," Northfield Retirement Community President and CEO Kyle Nordine said. "We are delighted to be partnering with the Northfield Real Estate Fund and owners of the site to continue the legacy of offering a quality living experience.”
The initial developers of the site were committed to quality workmanship and that quality holds up today, according to Reese.
“The units at 1000 Cannon Valley Drive represent the Northfield Real Estate Fund’s first investment and are a wonderful cornerstone for our portfolio,” he said. “Through our partnership with Northfield Retirement Community, there will be a new option in independent living that will be an ideal match for those seniors who are, for the most part, self-sufficient, but would like to be a part of a larger network of care."
Recognizing that the unoccupied units at 1000 Cannon Valley Drive significantly impacted the culture of the independent association, board members from the 1000 Cannon Valley Drive Condominium Homeowners Association held conversations with the leadership team at Northfield Retirement Community and representatives from the Northfield Real Estate Fund seeking to enter into a mutually beneficial partnership.
“Northfield Retirement Community and the Northfield Real Estate Fund have been terrific to work with," said Association Board Member and condominium owner Dick Viken. "We originally thought they would acquire the entire facility, which they were eager to do, but it became clear that not all owners wanted to sell so they have come up with a winning solution for all involved.”
As a result, Northfield Retirement Community and the Northfield Real Estate Fund will operate a pilot program designed to expand and enhance its current offerings. If successful, the partnership will pave the way for the next phases of development which may include the purchase of additional units.
Shelley Holden, Northfield Retirement Community’s vice president for residential housing and property management, echoed Viken’s sentiments.
“There’s no doubt this is a win-win for all of the parties involved," she said. "At a time when real estate is particularly difficult to move, the association members at 1000 Cannon Valley Drive will benefit by seeing their neighboring units filled with carefully screened residents, maintaining the caring, close-knit culture that already exists.
"At the same time, Northfield Retirement Community will have the opportunity to expand its offerings to area seniors, and the Northfield Real Estate Fund will invest in valuable property that will further enhance the community.”
For more information or to learn how to rent a unit at 1000 Cannon Valley Drive, contact Shelley Holden at (507) 650-7335 or e-mail.