Independent living,without compromise.
Indy Living is an 18-unit assisted-independent residence in downtown Lakeville, MN — purpose-built for adults with special needs who deserve a home, not an institution.
- $1.40M
- Stabilized annual revenue
- 18
- Purpose-built units
- 94%
- Target census
- 24/7
- On-site support
The opportunity
A generation of graduates.
Nowhere to go.
Lakeville's nationally strong special-education program produces a growing cohort of young adults with support needs — and effectively zero purpose-built, walkable housing between the family home and institutional care.
Underserved cohort
Adults 18–35 with CADI or DD waivers graduating out of Dakota County school programs.
No local option
Existing group homes are amenity-poor, apartment-poor, and often poorly managed.
Downtown walkability
20845 Howland Ave — adjacent to the Arts Center, coffee shop, post office, grocer, senior center.
The site
0.80 acres. Four assembled parcels. Steps from Main Street.
A 19,104 GSF, two-story residence with 18 apartment-style units and 21 surface stalls — designed for dignity, community integration, and 24/7 care.
The program
The dignity of independence. The safety of on-site care.
A 245D-licensed customized living model with a 1:4 staff-to-resident ratio during active hours, awake overnight coverage, and individualized service plans built from each resident's MnCHOICES assessment.
- Private apartment-style units with 24/7 support
- Nutritious congregate dining program
- Health coordination & medication oversight
- Life-skills development & vocational coaching
- Structured social + recreation community
- Intergenerational integration with senior center
From the community
The mission, in their own voices.
Short-form video from residents, families, staff, and the downtown Lakeville community we're building alongside.
A day at Indy Living
Morning routines, community lunch, and life-skills coaching.
Families tell their story
Why parents in Lakeville have been waiting for this.
Downtown, walkable, connected
Coffee shop, arts center, post office — steps from home.
Headline economics
Two businesses.Two funding logics.
Operations are financially viable at stabilization. A ground-up $9M building is not — if its mortgage is loaded onto operations. That's why we separate OpCo (care services) from PropCo (real estate) and finance them differently.
| Metric | Value | Note |
|---|---|---|
| Stabilized residents (94% of 18) | 17 | Census assumption |
| Blended revenue / resident / month | $6,866 | Room & board + supp. + waiver |
| Gross annual revenue | $1,400,664 | 17 residents × 12 |
| Total operating expense | $1,302,190 | Labor-heavy (~74%) |
| Net operating income (pre-debt) | $98,474 | ~7.0% operating margin |
| Debt this NOI can safely carry | ≈ $1,100,000 | At 1.25× DSCR |
| Estimated total development cost | $9,050,400 | Ground-up, 19,104 GSF |
Blended $6,800–$7,000 / resident / month
Two public streams — Housing Support (room & board) + HCBS waiver (care) — paid almost entirely by the State. The resident keeps a ~$121/mo personal-needs allowance.
Reimbursement, not retail
Revenue is state-funded and rate-regulated — durable, counter-cyclical, and independent of local rent markets.
Capital stack
Build it with mission capital.
Not a $6M mortgage.
A blended stack keeps permanent debt small and serviceable — the operating cash flow covers care, quality, and reserves, not a real-estate obligation it can't carry.
Grants & bonding
State bonding, foundation & disability grants
55%
Donated / written-down public land
Dakota County CDA + City of Lakeville MOU
15%
Mission capital & PRI
Mission-aligned equity and program-related investment
18%
Permanent debt
Capped at ~$1.1M, serviced at 1.25× DSCR
12%
Implementation
From MOU to move-in — a sequenced 38-month plan.
- 01
Phase 1
Months 0–6
Legal, entity, land MOU, letters of intent
- 02
Phase 2
Months 6–14
Design, entitlement, grant awards, capital close
- 03
Phase 3
Months 14–30
Construction, licensing, hiring, MHCP enrollment
- 04
Phase 4
Months 30–38
Certificate of occupancy, admissions, lease-up
- 05
Phase 5
Month 38+
Stabilized ops, quality systems, replication
Participate
Fund a home that pays back — in dignity, community, and durable cash flow.
We're assembling grants, mission capital, and a small permanent debt tranche now, ahead of a Phase 2 capital close. Reach out for the full financial package, site plan, and pro forma.