Developers Break Ground on Town of Poughkeepsie Active Adult Community

Reynolds Asset Management, alongside Circle Squared Alternative Investments (“Circle Squared”) and Riverside Bank, a division of Salisbury Bank, celebrated the groundbreaking of a new construction 55-plus active adult community in the town of Poughkeepsie, New York.
Violet Estates will benefit the entire greater Poughkeepsie region, as area residents are given a market rate option to “age-in-place.” As the costs for single-family homes continue to increase, having the opportunity to increase quality of life while scaling down in terms of physical size, upkeep and monthly costs will be the right choice for many in the region.
Jeffrey Sica, founder of Circle Squared, said, “I have been visiting my daughter here for the past four years at Marist College. I am so impressed with the Poughkeepsie community. We are proud to be able to bring a much-needed amenity to enhance this thriving town. We’re looking forward to visiting Poughkeepsie for many years to come.”
Located at 35 Violet Avenue, the property will present area residents with a brand-new, professionally managed and maintained, well-appointed and economical housing option in a community of their peers.
The property will feature 84 apartments ranging from studios to two-bedroom duplexes. It will offer residents 7,000 square feet of community-centric retail, a community center, and various property amenities such as grilling areas and bocce ball courts.
“As a Marist Alumni, I am so happy to be able to come back to Poughkeepsie to give back to a community which has given me so much,” said Louis Reynolds, president of Reynolds Asset Management. “This project, when complete, will provide a valuable service to the community by allowing residents to remain in Poughkeepsie, close to their friends and families. We could not be happier to be a part of this project and a part of the continuing growth and prosperity of the Town of Poughkeepsie.”
Applications are currently being accepted at www.violetestatesny.com. The property will begin leasing apartments in the winter of 2021.
About Circle Squared Alternative Investments
Circle Squared is a registered investment adviser with the Securities and Exchange Commission (SEC) and was founded in 2014 by Jeffrey Sica to work with a finite group of high-net-worth individuals and family office investors to help them find alternative market investments, primarily in private equity real estate deals. Led by a team with decades of experience, Circle Squared and its affiliates have been a joint venture member, consultant or otherwise involved with over $800,000,000 in real estate developments and transactions since its founding. The leadership of Circle Squared has been a part of the acquisition or development of over 5,000 residential units throughout their careers.
For more information on Circle Squared, visit www.circlesquaredalts.com. The past performances of Circle Squared and its affiliates are not indicative of the future results of the Company, the Joint Venture or the Project. Registration does not imply a certain level of skill or training.
About Reynolds Asset Management
Reynolds Asset Management (RAM) are sponsor operators of multifamily real estate investments. RAM is engaged in new construction development projects as well as investing in existing stabilized assets throughout the eastern half of the United States. Louis Reynolds, founder and principal, leads RAM with a wealth of real estate experience, investment knowledge and unwavering management focus in delivering the maximum potential value creation in a given investment.
For more information on Reynolds Asset Management, please visit www.reynoldsasset.com.
Source: Reynolds Asset Management