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Thread: "Village Cooperative" - Real Estate Equities Development LLC

  1. #1
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    "Village Cooperative" - Real Estate Equities Development LLC

    This developer has been active since 1972, building and managing multifamily housing, including 28 coops for seniors in 8 states... 1,400 units of coop apartments. I believe their coop developments have a trade name "Village Cooperative". The head office is Eagan MN.

    From their website it appears reedevelopment.com is currently most active in new developments in the state of CO.

    I would welcome any first hand (or second, or third!) reviews of what it is like to live in their developments and/or buy and sell equity shares in their coops. It seems that buyers of resale units pay a deposit and go on a waiting list.


    Feel free to send me a private message on this site if you have impressions or experiences regarding a "Village Cooperative" that you would like to be treated confidentially.

  2. #2
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    It's an interesting concept. I'd be interested in seeing prices, if they were to develop in California. My impression is that they are developing in areas with significant land available, which would not be the case here... Although the first thing that struck me was how inconvenient it would be to have a dog, living there...

  3. #3
    Senior Member Rogar's Avatar
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    I had to look them up. There is one just a few miles from my home that is listed as under construction and apparently only a few units are still available and the rest are sold. No knowledge other than that, but I like the concept. It's a good niche for an aging population.

  4. #4
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    As to age, I understand the minimum is 55 years. If 80% of the units are occupied by at least 1 person over 55, then up to 20% may be occupied by people 18-55. So I gather there are no children, unless the kids are "just visiting".


    I made some inquiries about the Village Co-op in Wausau, WI. The property manager is an employee of the developer, Head Office in Eagan MN. And there is the Co-op Board of Directors, consisting of residents elected by residents on the basis of one unit, one vote. I wonder how the decisions of hiring/firing/incentivizing/controlling the property manager are made. Must there be consensus? Does the manager experience divided loyalties and conflicts? What if the head office has goals like General MacArthur, and the local Board has different goals like Admiral Nimitz?

  5. #5
    Senior Member SteveinMN's Avatar
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    Quote Originally Posted by dado potato View Post
    I wonder how the decisions of hiring/firing/incentivizing/controlling the property manager are made. Must there be consensus? Does the manager experience divided loyalties and conflicts? What if the head office has goals like General MacArthur, and the local Board has different goals like Admiral Nimitz?
    I would imagine it runs a lot like the General Manager position at our (three-location) food coop: that person is hired by and reports to the Board of Directors. Within the guidelines of the organization and the laws of the marketplace, the GM has free reign. I know there are times the GM has had a notably different viewpoint on some operational issues than the Board and those differences have been resolved the way any employee would resolve them with their supervisor.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

  6. #6
    Williamsmith
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    I wouldn’t think it would be too much different than living in a community governed by a home owners association with a board of directors and a maintenance manager.

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