Prescott Lakes Senior Community

Projects and Developments

Prescott, Arizona

Development
125 Units
$11,000,000

Project Details

The Prescott Lakes Senior Community is a 175,000 sq. ft. new construction development project with 125 residential units for active seniors. The project was built in one building with a central courtyard. Its common areas contain a dining hall, card room, library, movie theater, resident gym, and office areas. Site amenities include an entry water feature and an interior courtyard with a swimming pool and spa, gazebo, and BBQ area. The interior contained common space for the residents including a community kitchen, dining area, gathering room, library, movie theater, card/game room, and a resident gym. The residents shared utility services include electric, heating/cooling, and cable TV.

Services

Dan Carter worked with Ron Badraun to complete the design for the project and obtained all entitlements from the city of Prescott, AZ. Their duties also included working through the HUD financing process until they obtained the funding guarantee. After these approvals, an investor group took over the development duties and Ron continued through the construction process.

CONSTRUCTION THROUGH OCCUPANCY AND SALE

After the investor group came on board, Badraun Builders performed the construction activities including self-performing many trades and subcontracting all others. Ron also continued to represent the investor group by procuring the management entity and working directly with them through the first 2 years of occupancy. He participated in all management decisions and assisted with the refinance of the project prior to its ultimate sale for nearly twice the cost of development.