Peachtree Hills Place, Isakson Living's soon to be constructed 800,000 square foot, 258 unit residential community that offers a continuum of care for those 55 and older is continuing to make progress. Currently, Peachtree Hills Place is almost 50 percent pre-sold (120 homes reserved). The community needs 65 percent of homes reserved before they can close their construction loan. Isakson Living is projecting that to occur late next year.

“We have sold three homes in the past month and continue to see activity picking back up,” said Kevin Isakson, director of sales and marketing for Isakson Living. “While the economy has impacted sales the past year, we are projecting a return to selling on average five homes a month. While the slow economy has impacted new sales and led to some cancellations, it has also created pent up demand. Our prospective buyers recognize they have choices and have chosen to remain in their current home for now, but there remains a need to plan for the future.”
Isakson Living recently reached an agreement with Colonial Bank to acquire the bank’s equity interest in Peachtree Hills Place, allowing the community to lower its leverage in today’s volatile market.

“We paid down our existing loan, posted a deposit for the next year’s interest reserve and set aside sufficient operating funds for the project,” said Andy Isakson, managing partner of Isakson Living. “We have minimal leverage on Peachtree Hills Place, at a time when most projects in our industry are very highly leveraged. We have ample equity and very little debt, and even as we move into the construction phase, our leverage will remain relatively low, and banks are still lending under those conditions.”

Peachtree Hills Place’s cancellation rate has remained below industry standards since sales began in 2006.  A majority of the cancellations have occurred within the past year.
“Several of our cancellations have moved to our community at Park Springs, while others have had a change in their financial position” said Kevin Isakson.

About Peachtree Hills Place

Peachtree Hills Place is a residential community for people ages 55 and older seeking to live a secure, independent lifestyle with easy access to a continuum of healthcare. Peachtree Hills Place is being developed on the 23.3-acre site at the intersection of Peachtree Hills Avenue and Virginia Place, in the heart of south Buckhead, near Atlanta’s best shopping, dining and cultural outlets. The new, $300 million community will include 258 independent residences, 36 skilled nursing and memory care suites, a clubhouse, fitness center, and greenhouse. Peachtree Hills Place will address the total wellness of its members, with programs and facilities in place to help members blend a satisfying life through Physical, Psychological, Social, Spiritual, Intellectual and Occupational components. When health status changes, members will have access to an on-site health center. Life Care Services, LLC, a leading management company of senior communities in the nation, will oversee management and administration of Peachtree Hills Place.
About Peachtree Hills Health Services

The Terraces, Peachtree Hills Place’s health center offers the highest quality medical, nursing and rehabilitative care in a residential environment.  Our Resident Centered model provides Members flexibility in their daily activities embracing individuality while focusing on all aspects of wellness. On average Cobblestone is staffed at twice the rate of a typical nursing home.  A full time physician trained as a geriatrician whose sole responsibility is the health of our Members is employed on site. A clinic staffed by our own full time Licensed Nurse Practitioner focuses on health promotion and disease prevention and performs routine check ups, tests and lab work.  Our physician, clinic and skilled care are all Medicare certified. Home care services are provided by trained staff employed directly by our communities, licensed by the state, bonded and insured only after undergoing strict screening processes. All of which insure the highest quality care unsurpassed in the Atlanta metropolitan area.

About Isakson Living
Isakson Living is Atlanta’s leading developer of residential communities offering a continuum of care for adult’s ages 55 and older. Isakson Living upholds a personal and professional commitment to empowering members through groundbreaking wellness opportunities, concierge medicine and hands-on involvement in their communities. Isakson Living has won multiple awards for its flagship community, Park Springs in Stone Mountain, Ga., and Peachtree Hills Place in Atlanta, currently in development. For more information on Isakson Living, visit www.isaksonliving.com or call 770-559-4829.