🏡 Active Adult (55+) Development — This is NOT standard multifamily. Radiant targets the Baby Boomer demographic wave with premium amenities, 10%+ rent premium, and lower turnover. Different product, different economics.
Deal Overview
Product TypeActive Adult / 55+
LocationGeorgetown TX — Williams Drive (9 acres)
Est. Unit Count214 units
Total Project Cost$50,000,000$49,767,000
Cost Per Unit~$226,000
EntityJAK Development Group LLC
StatusEarly Stage — JV Structuring
Capital Structure
Construction Loan (~60% LTC)$29,860,000
Land Contribution (Novak)$5,500,000
JAK F&F Raise (Radiant portion)$400,000 of $800K combined raise
F&F Preferred Return8% p.a. to LP investors
F&F LP / JAK Promote Split80% LPs / 20% JAK above pref
F&F Hold Period~3.5 years
F&F LP IRR22.7%
F&F Offering TypeReg D 506(b)
Key Dates
Permit StatusEXPIRED — renewal required
Construction Start (target)December 2026
Stabilization (target)March 2030
F&F Equity Raise$400K not yet raised
Hold Period~3.5 years
Atlas Pro Forma Returns
LP IRR22.7%
Equity Multiple1.86×
Est. Exit / Sale Value~$70,700,000
Stabilized NOI$3,478,000
Stabilized Cap Rate (on cost)6.96%
Construction StartDecember 2026 (target)
The Plan: Build a Premium Active Adult Community
Radiant is a ground-up 55+ Active Adult community targeting the Baby Boomer demographic wave in the Austin metro. Unlike standard multifamily, Active Adult communities command 10-15% rent premiums through curated amenities and lifestyle programming designed for the 55+ demographic.
The investment thesis:
- Demographic tailwind: 10,000 Americans turn 65 every day. Austin is one of the top retirement migration destinations in the US. The 55+ renter cohort is growing 2-3x faster than the general renter population.
- Supply-demand imbalance: Austin has limited purpose-built Active Adult product. Standard apartments don't serve this demographic well — 55+ renters want single-level living, curated amenities (pickleball, fitness, social clubs), and a community of peers.
- Premium economics: Active Adult rents in Austin run $1,800-$2,800/unit/mo vs. $1,400-$2,200 for standard MF. Lower turnover (18-24 mo avg. vs. 12 mo) reduces vacancy and turn costs. Higher renewal rates drive more stable cash flow.
- Capital structure advantage: JAK's F&F equity of $5.5M gives the principals a meaningful seat at the table, with the 15% F&F promote share providing strong alignment between JAK partners and F&F LPs.
🎯 Why Active Adult?
Active Adult is the fastest-growing segment of US multifamily development. Baby Boomers (born 1946-1964) control $78 trillion in wealth and are increasingly choosing to rent premium communities rather than maintain single-family homes. Austin's 55+ population is projected to grow 35% by 2030.
Avg. Monthly Rent (Atlas est.)$2,250/unit
Rent Premium vs. Standard MF+12%
Avg. Lease Duration20 months vs. 12 mo std.
Annual Turnover35% vs. 55% std.
Austin 55+ Population Growth+35% by 2030
Full analysis: Active Adult Market Analysis →
JV Structure
Radiant is a JAK Development Group deal. JAK is structured as an equal three-way partnership:
- JAK Development Group, LLC — Developer entity: John Burns / Andy Heard / Kent McNeil (33.33% each)
- Novak Brothers / Rivery Capital (Jeff Novak) — JV partner per Radiant AFJV agreement; contributes land ($5.5M)
- Institutional LP — Senior capital stack partner
⚠️ F&F Raise is SEPARATE from the JV: The F&F investor raise ($400K Radiant portion of $800K combined Mayfair+Radiant raise) is a separate offering — Reg D 506(b). F&F LP investors receive 8% preferred return + 80/20 split above pref (80% LPs / 20% JAK promote). Do NOT mix the F&F raise documents with the JAK development JV structure.
Key Issues & Open Questions
Georgetown, TX — Williams Drive · 9 acres
JV structuring in progress
Site plan and unit mix TBD
Construction timeline not set
Active Adult permitting requirements
Strong demographic thesis
F&F terms more favorable than Mayfair
Parties
John Burns
JAK Partner — Principal, HSRE
Andy Heard
JAK Partner — Development Lead
Jeff Novak
Novak Brothers / Rivery Capital — JV Partner
Chase Waters
Attorney — Kutak Rock (JAK counsel)
Next Steps
1. Confirm site locationAndy to provide
2. Finalize Novak JV termsIn progress
3. Complete site plan & unit mixPending location
4. F&F equity raise materialsAfter JV execution
5. Construction loan sourcingAfter site plan
6. Entitlement & permittingAfter site confirmed
Last updated: April 14, 2026 · Atlas for JAK Development Group · John Burns / Andy Heard / Kent McNeil (33.33% each)