Wendover Expanding Affordable Senior Housing Footprint With Multiple Projects Underway

Wendover Housing Partners continues to grow its affordable senior housing portfolio with new projects underway in Florida.

Wendover Housing Partners, a Florida real estate development and management company, was founded in 1995 by Jonathan Wolf. The company is now responsible for over $1 billion in new development, including affordable multifamily residential and affordable senior housing communities.

All projects undertaken by Wendover Housing Partners “revolve around affordable housing,” according to Chief Operating Officer Ryan von Weller told SHN.

Beyond its multifamily holdings, Wendover Housing Partners manages nine affordable senior living communities across Florida, spanning from Tallahassee and Jacksonville to the Tampa and Orlando areas.

Projects are structured through affordable housing tax credits, known as Low-Income Housing Tax Credits (LIHTC), and bonds to get projects started. Rates at Wendover’s senior living properties span from $600 to $2,000 per month, von Weller said.

Wendover Housing Partners recently started construction on two projects in Orlando and Orange City, both in Florida, through LIHTC funding. Another project, still in planning and design, is slated for Sanford, Florida. Construction on the new affordable senior living property is expected to start later this year.

“A lot of these projects are lottery-based and there’s a lot of nuance that goes into it, but we’ve been able to build here in Orange County and Seminole County, a pretty significant presence here in the last several years,” von Weller said.

The company typically pursues projects that span 80 to 120 units. Navigating regulation in seeking tax credit financing is “hard,” creating a barrier to entry for some in the real estate sector, von Weller said. Wendover Housing Partners relies on its team of compliance staff to chart these difficult areas to get new affordable senior living properties built.

Demographic trends and an aging older adult population provide new opportunities for Wendover to increase its affordable senior housing segment. The company’s model focuses on independent living. A benefit of developing senior living properties has been the low resident and unit turnover rate compared to multifamily, von Weller said.

“We’ve latched onto that very low turnover in senior communities so it creates a sense of community,” von Weller said. “We’re doing everything we can to keep building and keep providing.”

Getting projects moving requires coordination with local municipalities for permitting, zoning and design, with von Weller highlighting success working in Central Florida.

“We are actively pursuing more senior housing all over the state of Florida,” von Weller said. “We’ve got to work within the box and the tools we’re given.”

While development has been tough in recent years, von Weller said the sheer need and demand for affordable living options compels Wendover to continue to get new projects started.

Through its management platform, Wendover Housing Partners oversees daily operations across its senior living communities. At the community level, when residents volunteer and participate in assisting with engagement and event planning, it “changes the dynamic” and improves the overall feel of a property, von Weller said.

Typical Wendover Housing Partners senior properties have shared amenities including a communal kitchen, library, computer office space and pool access.

“There’s always going to be a need and we can’t just build our way out of this,” von Weller said. “There’s always going to be people that want to live in these communities and we have to make them sustainable and keep our residents happy.”

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