Gaw Capital backed GreenFort expands Reside Communities portfolio to 1,000 homes with Brisbane acquisition 

Alternative real estate fund manager GreenFort Capital has unveiled its fifth retirement village project in five years, expanding the Reside Communities portfolio to 1,000 homes with an end value of around $1 billion.

The latest acquisition – a Sunshine Coast village in the Maleny hinterland – continues the group’s dual strategy of redeveloping existing villages and building new villages in key infill locations.

It follows the recent completion of a luxury clubhouse and 132 homes at its Samford Grove Village and comes amid ongoing construction at three other Reside seniors living projects in southeast Queensland.

Founded by GreenFort Capital executives and former RetireAustralia executive Glen Brown, in partnership with global private equity fund manager Gaw Capital, Reside delivers and operates high quality villages targeting affluent downsizers.

The recent acquisition of Maleny Grove from Live Life Group will see a further 66 luxury villas added to the village’s current 28 dwellings, together with the development of a new community centre.

GreenFort Capital Partner and Reside Co-founder Adam Vaggelas said the group’s strategic approach to identifying well located sites for either expansion or new development had been extremely successful over the past five years.

“The market fundamentals for seniors’ accommodation remain compelling,” Mr Vaggelas said. “The ageing population in Australia is an extremely strong demographic, with the number of people aged over aged 65 years having doubled since 1995 to more than 4 million today.

“This trend is set to continue, and there remains a severe shortage of suitable downsizer accommodation to meet this growing demand.

With overall housing availability at all-time lows and supply pipelines for new homes severely constrained across Australia, the delivery of new retirement living accommodation also plays a key role in freeing up housing stock as retirees downsize.

Pending development approvals, the Maleny Grove expansion is forecast to commence in late-2024 with completion planned in 2027.

Reside’s other retirement communities include Samford Grove, Esperance Hope Island, Fairway Carindale, and Brookland Village in Robertson.

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