Is a University Retirement Community Right For You?
Class is in session and it’s not only for college students. Retirees are welcome too in many colleges and universities across the country.
That’s because a growing number of retirement communities are popping up across the country, everywhere from New York to Arizona. These havens for lifelong learners provide retirees with the opportunity to take classes, interact with students and build friendships with other retirees within a community designed just for them. They are known as university-based retirement communities, or university retirement communities (URCs).
“This has been a growing trend over the last few years that has recently gained more steam. The attraction is driven mostly by the intergenerational environment and lifelong learning opportunities at the university,” says Brad Breeding, co-founder and managing partner at myLifeSite, a website dedicated to providing older adults with information about senior living. “For some senior adults it is viewed as a more invigorating environment.”
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Retirement communities affiliated with colleges or universities have been around for decades, in the past geared toward alumni who had a particular affinity for their alma mater, or retired professors. In recent years it has evolved to a broader audience of retirees who want to continue to learn during their golden years.
“Older baby boomers tell us they want engagement and they want ways to live life in a more fulfilling way. This isn’t about being taken care of,” says Chuck Murphy, executive vice president, development, at LCS, which creates retirement communities.
For the universities, it’s a way to do something with the extra land many have on their sprawling campuses. Hooking up with a senior living provider provides a potential source of revenue through lease agreements or shared ownership models.
Murphy says he gets calls weekly from colleges and universities across the country that want to explore the idea of creating retirement communities. “At any given time we are speaking with five to ten universities,” he says.
For students, these retirement communities provide an opportunity to find professional mentors. They also create a ready-made audience for the students to showcase their talents or knowledge, whether it’s through an art exhibit or a student-led opera. The demographics of these communities can vary, but most are geared toward older baby boomers in their mid 70s and up.
How many university retirement communities are there?
There are 75 to 100 retirement communities with an association with an academic institution in the U.S., and many are located directly on college and university campuses or nearby. The offerings are as broad as the price points for these facilities.
Most charge an entrance fee that can range from around $180,000 to $2 million and a monthly fee that starts at around $3,000 and can be around $6,000 or more per month depending on the level of care. Just like other retirement communities residents can choose independent living or continuing care.
Independent living retirement communities are house and apartment-style planned developments for older adults who can live mostly independently — without requiring assistance with daily activities.
A continuing care retirement community, also known as a “CCRC” or “Life Plan Community,” often combines independent living with a full continuum of care, including skilled nursing, memory and rehab care, all provided under a continuing care contract.
With all of that in mind, here’s a look four retirement communities on or near college and university campuses across the country:
Broadview at Purchase College
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Location: Purchase, New York
Nestled in the rolling hills of Westchester County, New York, and in close proximity to New York City, Broadview opened its doors 18 months ago and is already sold out. Phase 2 is in the works and already has a waiting list of about 200 people. Residents have 14 floor plans to choose from, ranging from one-bedroom apartments to 2,800 square foot villages.
Entrance Fee: $700,000 to $2.2 million
Monthly Fee: $3,800 to $12,000 for independent living. Starting at $13,000 for continuing care.
What you get: The monthly fee covers certain meals, transportation, housekeeping, utilities, taxes and insurance. Continuing care includes everything from assisted living to memory care.
What you can do: Take classes on the college campus, have cocktails or meals at one of the four bars/restaurants and access the community’s fitness center which includes a gym, indoor pool and classes. Some of the amenities include:
-Classrooms and lecture rooms
-Indoor and outdoor spaces
-Dance and movement studio
-Virtual reality and audio-visual learning lab and lens room
-Card and gaming room
Mirabella at Arizona State University
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Location: Tempe, Arizona
Located on the Arizona State University campus, residents of Mirabella community retirement community can relive their college days with full access to the campus and the ability to audit most classes. Mirabella, which is close to Tempe, has 238 independent living residences, 17 assisted living residences, 20 memory support residences and 21 skilled nursing private suites. Residences range from one- to two-bedroom apartments.
Entrance Fee: $476,300 – $1.2 million+
Monthly Fee: $5,232-$8,346
Access to continuing care including assisted living, memory support and skilled nursing costs more.
What you get: The monthly fee covers dining, transportation, housekeeping, maintenance, utilities, 24/7 concierge, valet parking and an ASU ID card allowing you to access the campus just like a student.
What you can do: Take classes in-person or remotely, eat at one of the four dining venues, access five university libraries and work out at the community’s fitness and aquatic center. Some of the other amenities include:
-Art studio
-Woodworking shop
-Garden terrace and many outdoor spaces
Holy Cross Village
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Location: Notre Dame, Indiana
Created by Brothers of Holy Cross, Holly Cross Village is a non-profit independent living and continuum care community located within the tri-campuses of Holy Cross College, St. Mary’s College and the University of Notre Dame. There are several floor plans including freestanding homes, duplexes and four unit buildings.
Entrance fee: Starts at $179,000 for independent living.
Monthly fee: Starts at $3,169 for independent living.
What you get: The monthly service fee includes utilities, conference, cable, internet and a security button.
What you can do: Life enrichment is a big focus of this community which provides transportation to performances at the performing arts centers at Notre Dame and St. Mary’s College campuses. Residents can attend sporting events at the University of Notre Dame and access the Holy Cross College Pfeil Center indoor track and work out at the community’s fitness center.
Walking paths connect all three campuses in addition to the paths throughout Holy Cross Village. Holy Cross Village offers two chapels within its community and access to St. Joseph’s Chapel at Holy Cross College. Retirees of all faiths live in Holy Cross Village.
Lasell Village at Lasell University
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Location: Newton, Massachusetts
Located on the campus of Lasell University, Lasell Village retirement community is all about learning. It claims to be among the first retirement communities to require residents to commit to a goal-oriented program of education. Residents have to take 450 hours of courses each year.
Just 11 miles from downtown Boston, retirees get the best of both worlds, lifelong learning and access to a vibrant city. The community comprises 182 one- or two-bedroom independent living units ranging in size from 640 square feet to 1,933 square feet; 9 private assisted living units; and a 38-bed skilled nursing facility.
Entrance fee: $460,000 to $1.45 million
Monthly fee: $4,750 to $11,200
What you get: The monthly fee includes utilities, transportation, housekeeping, maintenance and access to the facilities in the community and at Lasell University.
What you can do: Residents can take courses and attend lectures in everything from literature to music, dine at one of the two restaurants or have a cocktail at the community’s bar. Some of the other amenities include:
-Weather-free walkways that interconnect the entire campus to the Village center
-Communal space, classroom or library
-Fitness center
-Heated indoor lap pool and weekly exercise classes
-Community room and art studio
-Raised-bed gardening and a potting room
Retirement is no longer only about moving close to the grandkids or aging in place. Baby boomers want social interaction, stimulating environments and the opportunity for lifelong learning. University-based retirement communities give them that and more. With additional communities expected to launch in the years to come, class will continue to be in session for retirees around the country.
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