The site is located in the middle of the greater Lake Oconee retirement communi-ty. Located at the entrance to Reynolds Lake Oconee with frontage on Linger Longer Road, the phase one and two land was purchased from MetLife, the owner of Reynolds Lake Oconee. In addition to Reynolds Lake Oconee, there are other high-end retirement communities surrounding Lake Oconee including Cuscowilla on Lake Oconee, Creek Club at Reynolds Plantation, Harbor Club, and Dell Webb.
The Glen is a 114 unit, senior rental community offering independent, assisted and memory care apartments. The Glen is currently 80% occupied. Phase One was designed in anticipation of a Phase Two that would connect to the Phase One and offer for-sale senior homes for the younger, more active seniors [ See following Site Plan ]. The goal of Phase Two is to offer a "campus" of senior living that allows the seniors to age-in-place from their for-sale homes (for younger, more active seniors) to the higher level of services offered in IL, AL and MC, as needed.
Reynolds Lake Oconee is more than thirty years old. With vacant home lots ranging from a few hundred thousand dollars to more than $1.5mm, Reynolds has a national marketing draw to its country club — golf and tennis — boating based retirement community that offers five and a half golf courses and multiple country clubs. Reynolds has a minimum size limit of construction that prohibits homes smaller than 2,500 square feet. The Reynolds leadership and sales team supports (and wishes to market) the smaller CATG smaller homes for two reasons: (1) CATG gives the Reynolds sales network a smaller, entry level product to sell, and (2) CATG offers downsizing opportunities by existing Reynolds residents and the Reynolds sales network the opportunity to resell those home.
Reynolds Lake Oconee offers a unique country club structure where when a lot is purchased, if the purchaser does not purchase a minimal country club membership, any future purchaser of that lot or home is forbidden from purchasing a country club membership. Lot investors and homeowners have almost always purchased a minimal membership to protect the value of their asset. Once existing homeowners wish to downsize, they want desire to retain their membership and the friends that they have made. For CATG purchasers only, Reynolds will allow them to retain their CC memberships. For first timebuyers, Reynolds is also creating a special membership for just CATG purchasers that allows access to two golf courses and a few select country clubs. Only CATG will receive this CC Membership options.
The Glen (Phase One) will offer cross services for interested residents of CATG. These are anticipated to include select private dining and invitation to special events such as Super Bowl parties, holiday celebrations, etc. Access to the well-ness center and related physical therapy, home health services and concierge services offered at The Glen.
Dell Webb is the primary competing for-sale product in the area. The final phase of Dell Webb is about to be completed. Additionally, in the past year, some ag-ing seniors are relocating to Presbyterian Village in Athens, Georgia, a CCRC (Continuing Care Retirement Community) that requires a $350,000 upfront ad-mission deposit plus monthly rental and service fees. The attraction of the CCRC is the higher level of services. By moving into
