Louise Rogalla was attracted by the sense of community. George Millions liked the newfound financial flexibility. Both are among the residents age 62 and older who moved into the new Village Cooperative of Wausau in recent weeks.
“We love it, just love it,” said Rogalla, who moved into the 72-unit senior residential development at 1508 Merrill Ave. on Oct. 13 with her husband, Rod. “It’s just like living in your home.”
Built by Real Estate Equities Development of St. Paul, Minn., the four-story cooperative allows residents to purchase a share in the property to continue to build equity, said Keith Jans, president of REE. At the same time, he said, residents can shed the hassles of homeownership without investing a significant amount of their resources in a condominium.
Units range in size from 850 square feet to 1,800 square feet, and shares range from $35,000 to $75,000, depending on the size of the unit. Residents are guaranteed an appreciation of 3 percent a year on their investment while paying a monthly charge of $750 to $1,350, about what they would spend to live in their homes, Jans said during an open house Thursday.
“Most of these people want to get rid of the maintenance — they don’t want to mow the lawn, don’t want to shovel snow,” he said. “And it frees up assets so people are more liquid.”
Millions, 72, said he and his wife, Linda, didn’t want to deal with snow and ice anymore. Buying into the co-op has given the couple more money to invest elsewhere, and the complex allows cats and small dogs such as the Millions’ schnauzer.
Millions expects a lot of friendships to be made in the commons areas, which include a community room with a full kitchen, a club room with a pool table and wet bar, a fitness room and outdoor patio area with a gazebo and gas grills overlooking the athletic fields behind Wausau West High School.
“Everyone in the building is so friendly, and we get together and laugh and talk,” said Louise Rogalla, who thinks the sense of community will be welcomed by empty-nesters.