Glen Brown announces retirement village venture, Reside Communities

Continuing the emergence of experienced retirement village operators re-entering the sector, Glen Brown has officially launched his Reside Communities, kicking off with the acquisition of two operating villages and one development project in and around Brisbane.

He has the backing of GreenFort Capital, a boutique Brisbane-based real estate funder with a background in student accommodation developments, and the $11B Hong Kong property fund Gaw Capital Partners.

Reside has acquired two villages from Michael Fallon’s Live Life Group, Samford Grove (17km north of Brisbane) with 27 built ILUs and a DA approved for 120 ILUs and ILAs, and the 120 ILU Brookland village at Robertson (12km south of Brisbane CBD).

They have also established a co-development strategy with Pacific Golf Club (14km east of Brisbane) to build up to 200 ILAs.

With GreenFort and Gaw Capital Partner’s backing, Reside is planning a portfolio of 1,500 village units over the next five to seven years, targeting QLD and NSW.

Published on March 12, 2019