Twin Lakes Georgia Rural EB-5 Project July 2024 Sales Update: Twin Lakes Continues Strong Sales Performance

Twin Lakes Georgia, a single-family active adult home development for seniors and retirees near Atlanta, Georgia, remains one of the most successful EB-5 projects on the market. Part of what makes this project a great option for EB-5 investors is its consistently strong sales due to strategically targeting older, more affluent buyers. This target market is much less impacted by the elevated interest rates because of their ability to make larger down payments or buy the home entirely with cash.

Twin Lakes is being developed by The Kolter Group. Kolter is one of the largest homebuilders in the Southeast United States has built more than 29,000 single-family homes. Their Cresswind brand focuses on building active adult communities like Twin Lakes. Kolter’s market knowledge and ability to perform in a difficult economy has driven this project’s financial success.

Twin Lakes Georgia was named the 55+ Housing Community of the Year at the 2023 Annual OBIE Awards gala. In addition, they also won Gold awards in Best Landscape Design and Best Amenity.

As a testament to the community’s award-winning offerings, Twin Lakes has kept up a strong sales volume throughout 2022, 2023 and the first half of 2024.

In July 2024, there were 6 new home closings and 10 new homes sales, continuing the strong momentum. The 6 new home closings represent more than $4 million in revenue for the Twin Lakes project.

Strong sales result in more than just profits, it means job creation for EB-5 investors. Financial success and job creation are the two key factors that make Twin Lakes one of the safest EB-5 projects available. EB-5 investors can have confidence they will be repaid and that enough jobs will be created for them to qualify for Green Cards.

In this article, we explain the reasons behind Twin Lakes’ exceptional success in a high-interest-rate environment.

July 2024 Sales Data for Twin Lakes

  • 10 new home sales in July
  • 6 new home closings in July
  • 662 homes sold in total
  • 533 homes closed in total

A graph showing a number of homes sold and sold

Twin Lakes Continues Strong Sales Despite Elevated Interest Rates

The Federal Open Markets Committee has held the federal funds rate steady for almost a year at a range between 5.25%-5.5% since July 2023. After mortgage rates surpassed 8% at the end of October 2023, mortgage rates have retreated. In mid-July, the average rate on a 30-year fixed mortgage slipped under 7 percent thanks to better inflation numbers in June. Inflation has been higher than the Federal Reserve’s 2 percent target for some time now, prompting the Fed to keep its benchmark rate elevated. As of now, it is expected that the Fed to start cutting rates in September.

According to Bankrate, as of August 1st, 2024, the average rate on a 30-year, fixed-rate mortgage was 6.83%.

The Reason for Strong Twin Lakes Home Sales

Kolter: The #1 Active Adult Homebuilder in Atlanta

In 2022, The Kolter Group was the largest active adult single-family homebuilder in the Atlanta metro area with a 17% market share – ahead of Lennar, PulteGroup, and DR Horton. Recently, both Lennar and DR Horton announced a major investment from Warren Buffet’s holding company Berkshire Hathaway – a testament to the current attractiveness of the new homebuilding market.

The company’s projects, particularly its Cresswind brand for active adults over 55, have been recognized nationally. Twin Lakes is a Cresswind-branded community.

Kolter has invested in over 180 projects worth over $29 billion and is led by an experienced team with over 200 years of collective experience in real estate.

The company has also received numerous accolades and awards. In 2023, Home Builder Executive magazine ranked Kolter Homes as the #18 Private Home Builder in the U.S., with the #4 highest increase in closings in 2023.

Kolter has a strong reputation and excellent underlying financials. The company has been able to secure loans from five of the 10 largest banks in the United States. It has over $1.5 billion of loan commitments from major lenders.

The company has an impeccable track record of repaying billions of dollars in debt. In its 25+ year history, Kolter has never failed to repay a loan or complete a project.

Kolter and EB5AN have worked together on 15+ prior EB-5 projects. All prior Kolter–EB5AN projects have either been completed as planned or are on track to complete successfully. All EB-5 funding in these projects has either been repaid or is in good standing.

Ideal Location and Amenities for Active Adults

Seniors and retirees who are looking for new housing often want to be close to a major urban center. Living close to a large city gives them access to healthcare, transportation, shopping, and other key services and amenities.

Twin Lakes is only one hour away from Hartsfield–Jackson Atlanta International Airport. This airport is a central transportation hub and home to Delta airlines. The Atlanta metro area is also known for its world-class healthcare.

In addition to having access to Atlanta and other local businesses, Twin Lakes offers an appealing list of on-site amenities. These include a state-of-the-art clubhouse, events spaces, and a variety of athletic and recreational facilities. Many of these amenities are already completed and open to residents.

A Wealthy Target Market Unaffected by Elevated Interest Rates

Twin Lakes is targeting a fast growing and affluent buyer segment—aging baby boomers. With industry average move-in age of 72, the active adult segment is right at the forefront of the baby boomer wave. Historically, 55+ age-restricted communities command strong premiums over market rate housing. In addition, since residents are predominantly former homeowners, they have built significant equity in their previous home.

Baby boomers are the wealthiest demographic in the United States, with significant buying power due to their ability to make larger down payments when purchasing homes. According to Fortune, baby boomers housing wealth totals $18 trillion—more than triple the amount owned by millennials.

In 2022, baby boomers reclaimed their place as America’s top homebuying group taking away the title held by millennial homebuyers from 2014 until 2022.

With savings and equity at their disposal, many seniors make substantial down payments. And, in many cases, seniors pay for new homes in cash, without the need for a mortgage.

About 50% of buyers in Twin Lakes pay in cash instead using a loan.

Because Twin Lakes has strategically targeted seniors, it will continue to benefit from their buying power, despite the higher cost of borrowing.

Learn More About Twin Lakes

To learn more about the EB-5 immigration process and how Twin Lakes can offer your family a safe path to U.S. immigration, schedule a free consultation with EB5AN.

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