Varcity and The Macallan Group Plan $100M-Plus Senior Housing Communities at Purdue and Texas A&M

An Atlanta-based team led by Varcity is moving forward with plans to develop senior housing communities on university campuses, closing on land at Purdue University in West Lafayette, Indiana, on July 22 and advancing a second project at Texas A&M University in College Station, Texas. Both developments are anticipated to cost over $100 million each.

Varcity is a brand of planned retirement communities structured through public-private partnerships with universities. The concept was originated by Les Strech, a senior housing executive with more than two decades of experience in the field, who said he developed the idea approximately six years ago.

Project Details: Purdue and Texas A&M

The inaugural Varcity community at Purdue University will span roughly 13.5 acres and feature 239 residences in townhome, stacked flat, and villa-style formats. The development is targeted for delivery in the summer of 2028. At 239 units and a development cost exceeding $100 million, the implied cost per unit exceeds $418,000, positioning the project closer to Class A multifamily or hospitality in terms of quality and amenity level than conventional senior apartments.

A second Varcity project is in development on the campus of Texas A&M University in College Station. Strech confirmed that project is also expected to cost over $100 million, though unit count and acreage have not yet been disclosed.

Both communities are restricted to residents aged 55 and older. Planned amenities include multiple on-site restaurants, an amphitheater, salon and spa services, pickleball courts, laundry and linen services, and student mentorship opportunities. As part of Varcity's university partnership arrangements, residents also have the opportunity to attend college classes free of charge.

Demand Indicators and Waiting Lists

The Purdue location has already generated a waiting list of prospective residents spanning seven states, with an average age of approximately 70 across both waiting lists. Strech said the demand profile suggests that many older adults are seeking a living environment that differs from traditional retirement communities.

"I'm only ever going to build communities where all ages and all abilities can live in community together," Strech said. "The reason why is because people flourish in community."

The multi-state reach of the Purdue waiting list positions Varcity as a destination retirement product rather than a locally driven one, a characteristic that supports rent and absorption assumptions for capital partners.

Atlanta Leadership Team and Key Partners

Varcity has assembled a leadership team that includes The Macallan Group co-founder Michael S. Minutelli, Carter Chairman and CEO Scott Taylor, Secretariat founder Don Harvey, and Ansley Real Estate Christie's International founder Bonneau Ansley III.

"There's no way we would have gotten here [without them] because of the size of these developments," Strech said. "It really has turned into a dream partnership."

Carter, known for large-scale mixed-use and campus-adjacent developments, brings institutional development track record and lender credibility to the venture.

Market Context: Senior Housing Supply Constrained as Demand Rises

The developments come as national senior housing occupancy has risen for 20 consecutive quarters, according to NIC MAP, with many primary markets now exceeding 90% occupancy. The sector has faced a prolonged supply-demand imbalance as the youngest members of the baby boomer generation approach retirement age, with demand outpacing the pace of new construction.

High interest rates and elevated construction costs have made new development difficult to underwrite, slowing the pipeline of new senior housing supply. Construction material costs rose more than 40% between early 2021 and 2026, adding pressure to project budgets across the sector.

"It's the perfect time to be building," Strech said. "Everyone knows that there needs to be new developments, but the cost to build just hasn't been able to make sense."

Varcity's university partnership model is designed to address both the demand gap and the challenge of site control, with public-private arrangements providing institutional anchors and differentiated positioning relative to conventional multifamily senior housing. Strech framed the educational component as mutually beneficial, describing seniors as a new consumer segment for higher education at a time when universities are seeking additional revenue streams and broader campus engagement.

"We're bringing a new consumer into the ecosystem of higher education," Strech said. "And that's exactly what higher education is looking for."

Expansion Plans

Strech and the Varcity team have indicated plans to extend the model to university campuses across the country, with the Purdue and Texas A&M projects serving as the platform's inaugural developments. The land price for the Purdue site was not disclosed.