The Doran Group — Confidential
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Nothing in this material is an offer to sell or a solicitation of an offer to buy any security, and it may not be relied upon in connection with any offer or sale of securities. Any offering would be made only to Accredited Investors pursuant to definitive offering documents. All projections are estimates based on the Sponsor's internal models and are subject to change. Past performance of The Doran Group or its affiliates is not indicative of future results. This material is confidential and may not be reproduced or distributed without the prior written consent of Doran Properties Group, LLC.
Active Adult 55+ · Development & Investment Platform
The Doran Group develops purpose-built Active Adult 55+ rental communities across the upper Midwest — age-restricted, amenity-rich, with no care component and no entry fee. Fully integrated as developer, architect, builder and manager, investing sponsor capital alongside every partner.
Figures reflect The Doran Group and affiliates since inception and are provided for illustrative purposes only. Past performance is not an indication of future results.
What it is
Active Adult (55+) communities are lifestyle-driven rental housing designed for healthy, independent adults seeking connection, wellness and convenience — without the services, staffing or medical care of senior housing. It is conventional multifamily underwriting applied to a resident who stays twice as long and cares more about programming than about square footage.
Roughly 0.5% of age-qualified residents currently live in Active Adult, against approximately 11% in traditional senior housing. The demand is not absent — the product is.
The U.S. 65+ population is surging, with roughly 20,000 baby boomers retiring every day and Gen X close behind with younger, more modern rental preferences.
National occupancy runs 95–98% with 75–80% renewal retention and two-year-plus leases common. Residents are largely retired on pensions and portfolios — demand decoupled from local employment.
The resident
Average move-in age is mid-sixties to early seventies. The majority are single, roughly two-thirds are female, and they are meaningfully younger than the traditional senior housing resident — often "solo agers," or "baby chasers" relocating to be near children and grandchildren without needing expensive medical or health services.
This is the wealthiest generation in American history, and it chooses on programming, social life, wellness and multi-generational connection more than on finish level. It is why the amenity package, not the unit, is the product — and why an operator who programs the building well holds occupancy that a conventional apartment cannot.
Supply remains thin: nearly one third of all existing Active Adult stock in the country has been built in the past four years.
| Category | Active Adult 55+ | Market-rate multifamily | Full-service senior |
|---|---|---|---|
| Move-in age | Mid 60s – early 70s | Typically 20s–50s | Late 70s – 80s |
| Services included | None bundled | None | Meals, healthcare, transport |
| Cost positioning | 10–15% above multifamily | Market baseline | ~50%+ above Active Adult |
| Occupancy | 96–98% | 94–96% | 80–85% |
| Renewal retention | 75–80% | 50–60% | Lower — higher acuity |
| Cap rates | ~4.8% | ~5.6% | ~6.9% |
Industry ranges compiled from Senior Housing News, the National Investment Center for Seniors Housing & Care (NIC), MarketWatch and McKnight's Senior Living. Ranges are market-dependent, are not specific to any Doran project, and are subject to change.
Why now
Active Adult communities are an up-and-coming asset type oriented toward stable cash flow that provides a legacy asset. The combination of high occupancy, rent premiums, reduced operational risk and favorable financing makes this one of the more compelling real estate opportunities of the coming decade — and early movers capture the advantage while the demographic base is still growing.
Roughly 20,000 baby boomers retire every day, increasingly seeking maintenance-free living, with Gen X close behind carrying younger and more modern rental expectations. The prime target is a woman in her mid to late sixties looking for socializing and friendship in an active environment.
The 55+ cohort holds trillions in financial resources and will pay for quality and location. That preference pairs with selective services brought in contractually, rather than paying for unused independent living, assisted living or memory care capacity.
The target resident does not want market-rate "pool parties," but does not perceive themselves as old enough for institutionally sterile full-care senior facilities. They want connection, sound management, and quality, fresh design.
Amenity and management quality drive long-term retention — this resident does not want to move unless health requires it. Longer leases with built-in escalators provide inflation-adjusted stability alongside lower wear and tear and reduced turnover expense.
Doran targets markets with strong income profiles and strong family populations, anchored by dynamic economies — the Twin Cities, Rochester, Madison, Denver and Omaha metros — underwriting to approximately 7% yield on cost and 2x or better equity multiples at the platform level.
Through a vertically integrated structure, Doran delivers exceptional design, quality construction and best-in-class management to meet this demand — on projects with innate location advantages, walkable to retail or to nature.
Target returns are objectives only, are based on the Sponsor's internal assumptions, and are not guarantees or predictions of performance. There can be no assurance that any investment objective will be achieved or that an investor will not lose capital. Sources: Senior Housing News, National Investment Center, MarketWatch, McKnight's Senior Living.
The platform
As we explored the Active Adult marketplace, we saw room for two complementary brand platforms addressing two distinct market segments: a luxury premium product in core markets, and a more attainable price point for second-city and tertiary markets. The same site selection, amenity philosophy and management discipline — positioned at two price points so a submarket can be served at whichever level its rent band supports.
Premium · Core markets
Approximately 130 units at "Main & Main" locations in suburban core and urban core markets, targeting $2.60/SF and above — priced at roughly half of comparable premium full-service independent living.
Example markets: Arbor Lakes (Maple Grove), France Avenue (Edina), Excelsior MN, downtown Madison WI, Brentwood TN, Cherry Creek CO, Belmar CO.
Attainable · Second-ring & regional
Approximately 120 units in more expansive, natural settings — tertiary or second and third-ring suburban locations and smaller metros — targeting $2.10 to $2.50/SF, roughly a 20% discount to the Olinia model.
Example markets: Victoria, Golden Valley, Eagan MN; Hudson, Verona, Waunakee WI; West Des Moines IA.
* Available in select units. Amenity and finish packages vary by community and are subject to change.
About Doran
With early roots in commercial real estate, the Doran family developed more than four million square feet of large-scale shopping centers through the 1990s and early 2000s, earning a reputation for identifying the next market move and for treating employees and business partners like family.
After selling most of the family's commercial retail holdings, founder Kelly Doran was the first to develop high-end student housing around the University of Minnesota, reshaping his alma mater's commuter campus into the on-campus community it is known for today.
The next shift came at the early phase of the luxury multifamily rental cycle, exemplified by Mill & Main — one of the first high-amenity rental developments in downtown Minneapolis. Development experience now spans nearly 3,500 units of luxury apartments and townhomes plus multiple high-end retail centers, valued at more than $2 billion. With approximately 150 employees, the company is led by second-generation President and CEO Evan Doran and a seasoned executive team.
Retail and commercial space developed
Units of student housing developed
Units of luxury multifamily developed
Assets under management
Learn more at TheDoranGroupUS.com.
The construction contract is with the same firm that designed the building and will manage it. One accountable party from entitlement through stabilization — no gap between developer, architect and builder to argue across when a cost moves.
The Doran Group invests its own capital alongside partners in every project, through cash co-investment, contributed land and deferred developer fee. Interests are aligned from the first dollar.
Two decades of entitlement, construction and lease-up experience in the specific municipalities where the firm builds — relationships with city staff, lenders and trades that shorten schedules and de-risk approvals.
Leadership
Track record
Selected completed developments. Returns shown are historical, project-specific, and are not indicative of the results of any current or future opportunity.
| Project | Location | Units | Completed | Total cost | Note |
|---|---|---|---|---|---|
| The Moline | Hopkins, MN | 241 | Q3 2017 | $59,970,000 | All capital repaid within three years; MADACS Best New Development 2018 |
| Reserve at Arbor Lakes | Maple Grove, MN | 255* | Q3 2018 | $51,800,000 | Current cash-on-cash 18.6%; four buildings, 693 total homes |
| Lyra | Centennial, CO | 215 | Q2 2022 | $64,900,000 | Exited Q4 2022 — levered IRR 39.1%, equity multiple 2.69x |
| The Ruby | St. Anthony, MN | 254 | 2022 | $65,472,000 | TheRubyApts.com |
| Expo | Minneapolis, MN | 369 | 2020 | $143,858,000 | ExpoMpls.com |
| Triple Crown Residences | Shakopee, MN | 626 | 2024 | $171,690,000 | Phase I 2020 — TheTripleCrownApts.com |
| Mill & Main | Minneapolis, MN | 338 | 2015 | $78,167,000 | MillAndMain.com |
| Commercial & retail | |||||
| Village at Arbor Lakes | Maple Grove, MN | 29,619 SF | 2019 | $37,581,843 | TheVillageAtArborLakes.com |
| Greenway Lakes Commons | Minneapolis, MN | 89,796 SF | Acq. 2016 | $25,449,490 | GreenwayLakesCommons.com |
| Total delivered | Upper Midwest & Colorado | 3,500+ | Since 2007 | $2B+ | Integrated developer, architect, GC and property manager |
* Returns noted for Reserve at Arbor Lakes are for Phase I. All past performance information, including projects, values, awards and developments, is given for illustrative purposes only and should not be relied upon as an indication of future performance. No representations or warranties are made as to the accuracy or completeness of this information.
The portfolio
Two Active Adult communities are under construction and leasing now — the proof of the model in the ground. Three further communities are in active predevelopment and open to equity partners.
Actively under construction
Olinia · Under construction
Arbor Lakes · Maple Grove, Minnesota
The first Olinia-branded community, in the heart of Maple Grove's Arbor Lakes retail and lifestyle district. Now leasing, with move-ins beginning April 2027.
Linden House · Under construction
St. Croix Valley · Hudson, Wisconsin
The first Linden House community, in Hudson's growing St. Croix Valley corridor. Pre-leasing begins later this year, with a grand opening expected in late 2027.
Seeking equity — in predevelopment
Linden House · Seeking equity
Rochester, Minnesota · Olmsted County
A 130-unit community in Rochester's southwest quadrant, anchored by Mayo Clinic — a market with roughly 20,000 residents aged 65 and older and a single existing market-rate 55+ competitor, which is effectively full.
Linden House · Seeking equity
The American Center · Madison, Wisconsin
Madison's first institutional-quality, purpose-built 55+ active adult rental community, with 2,000 SF of first-floor retail. Sited in the city's medical corridor, immediately adjacent to UW Health's $720M+ campus expansion, in a county whose 65+ population is projected to grow 55.7% by 2040.
Preliminary — subject to TIF
Olinia · Seeking equity
France Avenue · Edina, Minnesota
A premium Olinia community on the France Avenue corridor — an affluent, supply-constrained first-ring submarket with one of the strongest rent bands in the Twin Cities. Includes 14 affordable units and ground-floor retail. Economics remain subject to final tax increment financing.
Capitalization and equity figures are summary-level and drawn from the Sponsor's investment memoranda and internal proforma models. Total equity is stated as total project cost less senior construction debt. Figures are estimates, remain subject to change, and are not an offer of any security or of any particular investment terms. Edina figures assume tax increment financing that has not been finalized. Target levered IRR and equity multiple are projections at the total project equity level, not returns to any individual investor. They are objectives based on the Sponsor's assumptions — including rent growth, exit capitalization rates, construction cost and debt terms that are in most cases not yet committed — and are not guarantees or predictions of performance. Actual results may differ materially, and an investor may lose capital. Hold periods differ by project and returns are not directly comparable across projects. Detailed capital structure, partnership economics, distribution provisions, full financial models, site plans and market studies are released to qualified prospective investors on execution of a mutual non-disclosure agreement. Project timing is indicative and subject to entitlement, financing and market conditions.
Next steps
We are happy to walk through the platform, any individual community, or the broader Active Adult thesis.
Interests in any opportunity are available only to Accredited Investors as defined by Rule 501 of Regulation D.
Important information
Please read the following in full. By continuing to review this material you agree to be bound by the limitations and restrictions set out below.
This document, together with any oral or written discussion in connection with delivery of this document (collectively, this "Document"), is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as legal, business, financial, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in Doran Properties Group, LLC, Doran Management, LLC, Doran Family Development, LLC, Doran Builders Group, LLC, DDG, LLC, or any other affiliate business entity owned by or under the control of Doran Family Holdings, LLC or Evan J. Doran (collectively, "Doran") or any other opportunity sponsored by Doran or its affiliates (each, an "Opportunity") or to participate in any investment strategy and may not be used or relied upon in connection with any offer or sale of securities. Under no circumstances should any material in this Document be used in connection with or considered an offer, solicitation of an offer, or an intention to purchase or sell any interest in an Opportunity. A private placement of interests in any Opportunity will only be made pursuant to a Memorandum of Understanding (the "MOU"), the Opportunity's subscription documents, and the Opportunity's limited liability company agreement, as it may be amended and/or restated from time to time (collectively, the "Offering Documents"), which will be furnished to qualified prospective investors on a confidential basis at their request and should be reviewed in connection with any consideration of an investment in an Opportunity. THE INFORMATION CONTAINED HEREIN IS CONFIDENTIAL AND IS INTENDED SOLELY FOR DISCUSSION PURPOSES. THE INFORMATION CONTAINED HEREIN MAY NOT BE REPRODUCED OR DISTRIBUTED WITHOUT THE PRIOR WRITTEN CONSENT OF DORAN PROPERTIES GROUP, LLC. INVESTORS SHOULD CAREFULLY CONSIDER ALL OFFERING DOCUMENTS AND DISCLOSURE MATERIALS PRIOR TO INVESTING. No assurance can be given that investment objectives of any Opportunity will be achieved. This Document does not contain all of the information and risk factors that would be important to an investor in making an investment decision and is not an offer to sell a security or the solicitation of an offer to buy a security. A discussion of material risks involved in an investment in an Opportunity will be included in the applicable MOU (the "Risk Factors"). Any past performance information, including but not limited to projects, Doran values, awards, developments, and all other statements given in this document are given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. No representations or warranties are made as to the accuracy or completeness of any such information contained in this Document, and Doran does not undertake to update any information contained in this Document.
Interests in any Opportunity (i) are only suitable, intended and available for investors that constitute Accredited Investors (as defined by Rule 501 of Regulation D in the Securities Act of 1933, as amended) who are familiar with and willing to accept the risks associated with private placement investments; (ii) are not publicly traded and, therefore, are illiquid; (iii) may be subject to restrictions on resale or transfer, including holding period requirements. Investing in any Opportunity requires high-risk tolerance, low liquidity need, and long-term commitments. In each case, investors interested in an Opportunity will need to certify that they are an Accredited Investor, must certify that they are eligible to invest in the Opportunity, and must acknowledge that they have received and read all investment materials.
Doran does not intend to register the interests in any Opportunity under the Securities Act of 1933, as amended, the securities laws of any U.S. State or the securities laws of any other jurisdiction. Neither Doran nor any of its affiliates is expected to be registered under the Investment Company Act of 1940, as amended. Neither the Securities and Exchange Commission nor any other U.S. or Non-U.S. securities regulatory authority has passed upon the accuracy or adequacy of this Document or approved or disapproved of the prospective investment described herein. Any representation to the contrary is a criminal offense. This Document contains certain financial and other projections and forward-looking statements. These projections and forward-looking statements include, in particular, statements about plans, strategies and prospects relevant to an investment in the Opportunity described herein and in the applicable MOU. These statements are based on our current expectations and projections about future events. The words "may," "will," "should," "expect," "scheduled," "plan," "seek," "intend," "anticipate," "believe," "estimate," "aim," "potential" or "continue" or the negative of those terms or other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. These forward-looking statements are based on assumptions and estimates by Doran and members of its management and its affiliates that, although believed to be reasonable, are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ from historical results or those anticipated or predicted by such forward-looking statements. In light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Document may not, in fact, occur. Doran undertakes no obligation to update or revise any forward-looking statement after the date of this Document as a result of new information, future events or otherwise, except as required by law. All of our forward-looking statements contained herein are qualified by these cautionary statements.
To the maximum extent permitted by law, Doran and their respective affiliates, directors, officers, members, partners, employees, agents and representatives disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by a person or entity through use of or reliance on anything contained in, or omitted from, this Document. By reading or attending the presentation of this Document, you agree to be bound by the foregoing limitations and restrictions and will be deemed to have represented, warranted, undertaken, and agreed that: (i) you are permitted under applicable laws and regulations to receive the information contained in this Document; (ii) you will not base any investment decision solely on information contained in this Document; and (iii) you agree that this Document may not be reproduced in any form or further distributed to any other person, passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose, without the prior written consent of Doran Properties Group, LLC.