Newly Launched Imprint Property Group Prepares for Active Adult Wave

Covid-19 complicated Imprint Property Group’s development plans this year, but the company still believes there will be many more opportunities ahead, both for new construction projects and acquisitions in the active adult sector.

In the post-Covid era, some owners of active adult properties may choose to exit the space due to slow lease-ups or elevated operating expenses. And that’s where Dallas-based Imprint Property Group would potentially come in with an offer, according to Noah Drever, the company’s CEO and founder.

“[Maybe they] decided to build active adult because the rates look higher, it looks sexy on paper and they didn’t capitalize a project as much as they needed to — and now, they’re looking for an exit,” Drever told Senior Housing News. “We’d like to assist them, either by managing and being a capital provider, or ultimately, if they want to sell, we’d like to become a rescue buyer for them.”


And while that wave of acquisition opportunities hasn’t hit yet, the company has a full bench and is ready to take swift action.

“We have a seasoned team, we’re developed, we’re scalable,” Drever said.

Imprint is part of a growing group of developers, investors, owners and operators blazing trails in the active adult space. With amenities and services geared toward younger seniors and rental rates usually lying below those found in many independent living communities, proponents of active adult believe the product type is well-positioned to seize a massive market opportunity not far down the road.


For now, Imprint — which is associated with senior housing and multifamily company Drever Capital Management — is working on a pipeline of three projects under development or construction. That includes Larkspur at Creekside, a 184-unit community in the San Antonio suburb of New Braunfels, Texas. The community represents the first project in a joint venture partnership between Imprint and Atlanta-based Batson-Cook Development Company, which is a subsidiary of Japanese developer Kajima Corporation.

With the Covid-19 pandemic in the forefront, the company is executing on its growth plans cautiously. Capital markets, still thawing out after a big freeze earlier this year, are a big reason why. The company has also noted construction delays in some of its markets, and rising costs for lumber.

“It’s kind of a painful environment right now for those people who are a little bit overextended,” Drever said.

At Imprint’s core is its Larkspur brand of active adult communities. The communities come with packed activities calendars and a slate of amenities including high-end salons and spas, swimming pools, fitness centers, movie theaters, and arts and crafts areas. Residential options range from one- and two-bedroom layouts to cottage units designed to entice current homeowners.

Currently, Imprint owns and operates two open Larkspur communities in Pearland and Allen, Texas. The community in Allen has a 90% average occupancy rate, with resident rates ranging from roughly $1,700 to about $3,000; while the community in Pearland is still in lease-up.

Imprint’s leaders see Texas as home base for the company’s Larkspur brand, but they’re also seeking to expand it to other states, such as New Mexico, Arizona, Nevada, and Georgia.

Although Drever officially announced the launch of Imprint in December, the new company was in the works long before that. Drever, the son of Drever Capital Chairman Maxwell Drever, has a goal of making Imprint “the premier boutique developer and operator of active adult communities across the country.” The company’s logo, a peregrine falcon perched atop a tree branch, is a nod to the fact that Drever is also a falconer in his spare time.

While it stands apart as a separate company, Imprint will still manage legacy senior housing assets for Drever Capital. The company’s management and construction arms — Drever Management and Drever Construction — were transitioned to Imprint earlier this year.

“We’re getting a lot of traction on Larkspur, and we just wanted to give it a parent company identity that is fresh, clean and 100% focused on building 55-plus housing with no other distractions,” Drever said.

In 2021, Imprint will continue to build out its Larkspur brand. The company has already refined its process for developing them, from pre-development to construction, and Drever says it is ready to capitalize on that experience as new opportunities arise.

“We believe that there is going to be a wave coming in this space,” Drever said.

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