Australia’s First Rental Apartment Village Going Ahead

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Despite uncertainty as to whether Australia is ready for US-style vertical rental villages, Queensland-based developer Petrac is going ahead with a $40 million 135 apartment building branded Gracious Retirement Living Harbour Keys, to be built in partnership with Harvest Development, America’s leading operator of this model. CEO of Harvest Development, Pat Kennedy, was plenary speaker at last year’s RVA conference – he then stated they had come close to 40,000 rental apartments, and that the average resident age was 83. He explained people come in later after struggling to look after themselves, and the $3,000 a month rental with all meals allows them to cash out their homes, leaving them money to live on for the remainder of their life.


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