Park Springs Construction

During Phase 1 in 2004, Isakson Living worked with three different architects to design the three different components of the community. A residential architect was used for the homes and a multifamily architect was used for the villas. A third architect with a commercial and healthcare background designed the steel community centers. Separate general contractors were brought in for commercial and stick frame construction, with ten million dollars of construction independently subbed out by Isakson Living.

Recession Hurdles – Vintage Home Program

The recession impacted Park Springs tremendously as homeowners weren’t able to get the value back from their homes to be able to move to Park Springs. To remedy this, Isakson Living created a vintage home program where potential members could go ahead and sell their house and move into Park Springs while the team helped them come up with a market analysis for their home. Isakson Living met with realtors and Members to help them make decisions to get the house ready, on the market and sold at a price they were comfortable with. After the team agreed on the selling price, they helped the homeowners coordinate any renovations such as painting or driveway repair. Isakson Living helped them get their homes in the best condition to show and then they deferred a portion of their entrance fee until their home was sold.

Today

Park Springs shattered many of the preconceptions of senior housing in Atlanta. It’s a resort community that anyone of any age would enjoy. In January 2005, Park Springs was awarded two awards from the National Association of Homebuilders. The first award was a Platinum award in the Continuing Care Retirement Community (CCRC), and the second was a Gold award in the CCRC Common Area Interior Design Category.

According to Kevin Isakson, “When Park Springs was introduced, the average entry fee was $240,000, now that number is close to $440,000. We recouped 10% of the home’s value and almost doubled the sale price. It’s a great return over time for an investor.”

The community offers an independent lifestyle in a neighborhood village style, following a true residential – not medical – model. Members can choose to reside in a single-family home, a cottage or a villa with the ability to then transfer to a smaller unit when their needs change. Isakson Living invested more than 20 years in selling Park Springs – adapting and persevering through the great recession and during COVID, with the second and third phase opening in 2006 and 2008. Over the history of the community since 2004, Park Springs has maintained an occupancy level of 90%.