When the word co-ops comes up in conversation, most think of New York and the high end units located in places like Manhattan.
Not to be outdone by the Big Apple, United Properties is finding success with co-ops in the Twin Cities of Minnesota. The company is getting ready to open the doors on its seventh senior co-op, a 48-unit complex in Roseville called Applewood Pointe of Roseville at Langton Lake.
An article from the Star Tribune shows it’s pushing further into the senior housing market with plans to start construction on the “Cherrywood”, the company’s first assisted-living facility — an 80-unit complex that would be located next door to the Roseville co-op under construction.
United Properties veered into senior cooperatives after the 2001 recession, according to company President Frank Dutke, building its first complex, also in Roseville, in 2004. The cooperatives now account for about one-quarter of United Properties’ development work.
“It’s a steadier business than our other commercial property business,” Dutke said. “When you have to make a lifestyle change, you need to do it.”