Twin Lakes Rural EB-5 Project February 2023 Update: Steady Sales in a Slowing Market

EB5AN’s new Kolter Twin Lakes Georgia rural EB-5 project demonstrated steady sales in February 2023, despite a tough market with rising interest rates.

In February 2023, the Twin Lakes Georgia active adult community sold 14 homes and closed or delivered 10 homes to buyers, even as interest rates peaked at 4.75%.

Such financial success makes Twin Lakes an attractive investment project for an EB-5 investor. Investing in a well-managed EB-5 project can increase an investor’s chance of gaining permanent resident status in the United States.

This article will determine what factors are leading to the Twin Lakes EB-5 project’s success.

The Twin Lakes Community

The Twin Lakes neighborhood is uniquely situated on two small lakes in Hoschton, Georgia, less than an hour from the Atlanta metro area.

Twin Lakes follows in the footsteps of Kolter’s other national award-winning communities by offering active adults a wealth of amenities.

The lakes have community docks to allow kayaking, canoeing, fishing, and other waterfront activities. The new lakefront clubhouse will house an indoor pool, a fitness center, and plenty of community rooms. The neighborhood also features walking trails and a resort-style pool.

The Twin Lakes community is an EB-5 project with rural targeted employment area (TEA) designation. Homes are already being built and delivered. All EB-5 jobs have already been created.

Home Sales vs. Interest Rates

Sales of homes in Twin Lakes have remained steady in 2023. In the month of February alone, 10 homes were closed or delivered, and 14 homes were sold.

As of February 2023, Twin Lakes has sold 480 of its 1,300 planned homes. Price per square foot has increased more than 40 percent since sales began in May 2020.

This happened even as the Federal Reserve System’s Board of Governors unanimously voted to raise interest rates on reserve balances to 4.65 percent this month. With a target rate of 4.5 to 4.75 percent, this marks their highest rate since October 2007.

Interest rates lowered throughout the 2010s. They remained unchanged from December 2018 to March 2022, when the Federal Reserve raised interest rates by 0.25 percent. This would be the first of many incremental increases in interest throughout the year.

Despite rising interest rates, the Twin Lakes active adult community sold a staggering 160 homes that year. By January 2023, with much of the economy beginning to cool, Twin Lakes reported record sales.

“Cresswind Georgia at Twin Lakes is not only the top-selling active adult community in Georgia but the top-selling new home community overall”, according to Tony Adams, the Regional Vice President of Kolter Homes.

If home sales at Twin Lakes continue at their current rate, 2023 may match the record sales of 2022.

A Growing Market of Active Adults

Communities for active adults aged 55 and older are already outpacing non-active adult communities in terms of sales, according to industry analysts.

In fact, nearly half of all homebuyers at Twin Lakes are paying cash for their homes, without a mortgage.

This is because Twin Lakes requires a nonrefundable deposit to secure a house, and most retirees have significant savings specifically for a retirement home.

Active retirees are known for their financial stability. For instance, retiring baby boomers have an average annual income of more than $73,000.

By 2030, the active adult market is expected to be worth more than $800 billion. According to data from the U.S. Census Bureau, the U.S. population over age 65 is expected to reach 84 million by 2050.

Home sales in active adult communities are only expected to grow as the U.S. population ages in the coming decades.

Kolter Homes: A National Builder

Twin Lakes is a 1,300 home master planned active adult neighborhood from trusted national builder Kolter Homes, as a part of their series of Cresswind communities for adults over 55 years of age.

In 2022, Twin Lakes made Kolter Homes the number one builder of active adult communities in the Atlanta Metro area, accounting for 17% of single-family active adult home sales.

Kolter Homes has two other Cresswind communities in the Atlanta metro area, including the award-winning Cresswind Peachtree City. Peachtree was the top-selling active adult community in the state of Georgia in both 2018 and 2019.

Kolter Homes is a leading force in new home construction across the United States, with an estimated valuation of more than $24 billion. The Kolter Group has never missed a loan repayment since its incorporation nearly 30 years ago.

Working with a trusted developer like Kolter Homes can make all the difference in an investor’s successful when choosing an EB-5 project. EB5AN’s project at Twin Lakes is expected to generate nearly 7,000 EB-5 eligible jobs by the time of its completion.

To learn more about Twin Lakes and how to get involved with this EB-5 project, schedule a free consultation with us today.