Hometown secures two more land lease communities
Hometown Australia – the local arm of US-based all age communities operator, Hometown America – has snapped up two more land lease villages south of Newcastle.
In Redhead, wedged between two Hometown Australia facilities, Oasis Redhead – as it has been marketed to residents – will contain 252 dwellings upon completion at the end of the year.
Currently there are 87 homes with 35 under construction, due to open this quarter.
The balance will be built over the year, Hometown Australia joint managing director, Kevin Tucker, said.
“Oasis Redhead will support residents focus on wellness and connectivity with the proposed amenities including an outdoor swimming pool and spa, gym, sauna plus other sports facilities, and clubhouse designed with communal sitting spaces, cinema and outdoor BBQ amenities,” he added.
The second property Hometown Australia is buying – Saltwood Lake Munmorah, a greenfield block until now marketed to residents as Oasis Lake Munmorah, is also expected to open this year.
It will contain 58 dwellings.
Like the Redhead community, it is close to other Hometown Australia assets.
The deals come six weeks since we reported GreenFort Capital bought two regional Queensland LLC sites able to accommodate projects with a c$500m end value (story continues below).
Hometown expands in Australia
Oasis Communities offered the Oasis Redhead, 16 kilometres south of Newcastle, and Saltwood Lake Munmorah, 28 kilometres south of there.
Hometown Australia will add them to a portfolio with over 60 communities accommodating some 12,000 residents.
Hometown America, a significant player in its market, manages more than 24,000 projects.
“The [Australian] acquisitions support Hometown Australia’s strategy of acquiring and developing quality land lease communities in desirable retiree markets where there is a gap in affordable living options for those over 50,” joint managing director, Kevin Tucker, said.
“These communities are strategically located in the popular Lake Macquarie and Central Coast Local Government Areas, which are highly desirable markets for retirees over 50,” he added.
“Both communities are undergoing development and will ultimately include resort-style amenities with quality and affordable homes, providing the opportunity for those over 50 to enter into retirement with a focus on their best years ahead,” according to the executive.
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