The Doran Group — Confidential
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The Doran Group · Minneapolis · Since 2007
The Doran Group has delivered more than 3,750 apartments and $2 billion of luxury multifamily across Minnesota, Wisconsin, and Colorado — as developer, architect, builder and manager under one roof, investing sponsor capital alongside every partner. Active Adult 55+ is where that platform is now focused.
Figures reflect The Doran Group and affiliates since inception and are provided for illustrative purposes only. The $2 billion reflects cumulative development value, including projects since sold; the $1.3 billion reflects assets currently under management. Past performance is not an indication of future results.
About The Doran Group
With early roots in commercial real estate, the Doran family developed millions of square feet of retail through the 1990s and early 2000s. Identifying a gap in the marketplace, the firm expanded into student housing in the late 2000s and was a forerunner of luxury student housing development.
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 more than 3,750 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.
Having experience operating hospitality-grade assets with strong representation among empty-nest and older demographics, The Doran Group is now adding a specific focus on Active Adult communities throughout its target markets.
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 — often north of 50%+ of total equity — alongside partners in each 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.
Active Adult – What is it?
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.
Just 0.1–0.4% of age-qualified residents currently live in Active Adult, against roughly 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 96–97% with 75–80% renewal retention and two-year-plus leases common. Residents are largely retired on pensions and portfolios — demand decoupled from local employment. Employment still matters indirectly at the market level: it anchors the adult-child households residents relocate toward, and supports the home values that fund the move.
Sources: Senior Housing News, the National Investment Center for Seniors Housing & Care (NIC), MarketWatch and McKnight's Senior Living.
The resident
Average move-in age is mid-60s to early 70s. 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.
It is well known that baby boomers are the wealthiest generation in American history, and more and more they are choosing programming, social life, wellness and multi-generational connection over specific 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. But the positioning of Active Adult is critical — based on NIC data, the best positioning is around 10–20% higher than comparable, unprogrammed, demographically diverse market-rate products, but still 40–50% less than the Independent Living (IL) component of full-service care facilities.
Finding this niche can be challenging, and supply remains thin: the national active adult inventory is roughly 880 properties and 130,000 units, and growth has stalled — only about 1,000 units were added in the first half of 2026. The Doran Group is focused on building to meet this increasingly in-demand spectrum of housing for the large and wealthy boomer generation and those behind them.
| 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 | 10–20% above multifamily | Market baseline | 50%+ above Active Adult |
| Occupancy | 96–97% | 94–96% | 80–85% |
| Renewal retention | 75–80% | 50–60% | Lower — higher acuity |
| Cap rates | Typically +/- 50bps to comparable market rate | ~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 TDG project, and are subject to change.
Why now
Active Adult sits between conventional multifamily and senior housing: multifamily operating risk, senior-housing durability of demand, and a resident who stays long enough to make it a hold-forever 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. Research shows that most renting decisions in this product category are made by a female 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.
Target residents do not want market-rate "pool parties," but do not see themselves as old enough for institutionally sterile full-care senior facilities. They want connection, sound management, and quality, fresh design. And Gen X continues to push the envelope on amenity and programming lifestyle choices, desiring engaging, entertaining and social gathering spaces The Doran Group knows how to deliver.
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.
Sources: Senior Housing News, the National Investment Center for Seniors Housing & Care (NIC), MarketWatch and McKnight's Senior Living.
The Doran Group targets markets with strong income profiles and strong family populations, anchored by dynamic economies — with active pipeline in the Twin Cities, Rochester, Madison and Denver metros and targeting the Tennessee, Indiana, Iowa, and Nebraska markets — all underwriting to approximately 7% yield on cost and 2x or better equity multiples at the platform level.
Through a vertically integrated structure, The Doran Group 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 130–140 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. Target renter is focused on quality of location and adjacency of vibrant lifestyle amenities, high-impact programming, and a network of peer renters with similar economic circumstances.
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 125–135 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. Target renter is more value conscious but understands quality and desires a combination of rich amenity spaces with practical unit designs and finishes alongside contemporary programming elements.
Example markets: Victoria, Golden Valley, Eagan, MN; Hudson, Verona, Waunakee, WI; West Des Moines, IA.
Example Olinia Renderings
Grand Lobby
Example Linden House Renderings
Grand Lobby
Shared across both brands
* Available in select units. Amenity and finish packages vary by community and are subject to change.
The portfolio
Two Active Adult communities are under construction — one now leasing, one entering pre-leasing this fall. Two further communities are in active predevelopment and open to equity partners. Our focus is on securing sites that feature walkable neighborhoods or are accessible to natural beauty and trails, and all within close proximity to major medical institutions (e.g., Mayo Clinic, UW Health's Eastpark Medical Center, the newly opened Hudson Medical Center).
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 127-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.
Why Rochester
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.
Why Madison
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. Return on Cost reflects stabilized net operating income divided by total project cost; equity multiple is a projection at the total project equity level. Neither is a return 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. *Assumes 5 Year Hold for Modeling Purposes. 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 Confidential Private Placement Memorandum (the "PPM") or a definitive joint venture term sheet, 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 PPM (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 PPM. 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.
Evan Doran is president and CEO of The Doran Group, a multigenerational real estate firm based in Eden Prairie, Minnesota. In his role, Evan sets the strategic direction for the company, which is known for developing, designing, building and managing high-end real estate throughout Minnesota, Wisconsin, and Colorado. The Doran Group's current portfolio includes nearly 3,000 units across an award-winning portfolio of Class A residential projects and high-end retail assets.
Prior to his work with The Doran Group, Evan worked in California with the Sydell Group, developing high-end boutique hotels across California and Texas. Prior to his time with the Sydell Group, Evan served in project management and land acquisition roles for a national homebuilder based in Los Angeles, CA and with a boutique real estate private equity and asset management firm in Carlsbad, CA.
Evan received his B.A. from the George Washington University, and his master's degree in Real Estate from Cornell University. Evan serves on the Board of Directors for People Serving People and as Vice Chair of the Board of the International Institute of Minnesota. He serves as Policy Chair of the Twin Cities Housing Alliance, serves on the Minneapolis Advisory Committee on Housing and previously served on the Management Committee of the Urban Land Institute of Minnesota. He was named a Business Journal 40 Under 40 and is a member of the Young Presidents Organization (YPO).
Evan lives in Minneapolis with his wife, Rebekah, and their two children.
Rochester has one market-rate 55+ rental community. Forte Living is effectively fully leased and building a third phase. Everything else in the market is independent living inside a continuing-care campus — a different product tier, generally service-bundled or entry-fee. That leaves an unserved band of rent between conventional apartments and life-care housing, and Linden House is priced into it.
The site is the former Meadow Lakes Golf Course in Rochester's southwest quadrant, inside a master-planned community of roughly 700–900 homes across five multifamily pads, in a trade area with approximately 20,000 residents aged 65 and older.
Anchored by $5.6B of public-private investment through the Destination Medical Center initiative and Mayo Clinic's $5.0B "Bold. Forward. Unbound." downtown expansion, together with roughly 41,000 Mayo employees across the metro. Sources: U.S. Census Bureau, American Community Survey 2019–2023 5-Year Estimates; Destination Medical Center Corporation annual reports; Mayo Clinic economic impact reports.
| Property | Miles away | 1 bed | 2 bed |
|---|---|---|---|
| 55+ active adult rental | |||
| Linden House Rochester (subject) | — | $1,975 | $2,950 |
| Forte Living | 3.0 | $1,749 | $2,449–2,609 |
Forte Living is the only existing market-rate 55+ competitor and is effectively fully leased. Independent-living and continuing-care communities in the market (Shorewood Senior Campus, The Waters on Mayowood, Charter House) sit at a different, service-bundled or entry-fee price tier and are not directly comparable. Sources: Forte Living rents per Apartments.com, May 2026; Doran internal broker survey, Oct–Nov 2025.
| Type | SF | Units | Rent / mo |
|---|---|---|---|
| 1 bed / 1 bath | 750 | 24 | $1,975 |
| 1 bed + den | 950 | 30 | $2,300 |
| 2 bed / 2 bath | 1,200 | 57 | $2,900 |
| 2 bed + den | 1,350 | 16 | $3,350 |
| Total / average | 1,075 | 127 | $2,640 |
Rents untrended at stabilization. Four stories, 136,500 SF of residential area, one-to-one underground heated parking at $100 per month.
Approximate site reference; distances are straight-line. Base map data © OpenStreetMap contributors.
Groundbreaking targeted Q2 2027. Entitlement risk is largely retired before that point: the site is zoned for the use, master-plan permits are substantially complete, and the pad is delivered ready. Underwritten to a five-year hold with a 5.75% exit capitalization rate.
There is no institutional-quality, purpose-built, market-rate 55+ active adult rental community in Madison or Dane County. Existing age-restricted supply is entrance-fee continuing-care campuses, all-inclusive independent living, income-restricted 62+ housing, or older unamenitized rental — none of which competes directly with this product.
The demand thesis is not capturing existing senior renters. It is owner-to-renter conversion: 74% of Madison residents aged 65 and older own their homes (U.S. Census Bureau, American Community Survey), and the binding constraint is product, not desire — the smaller homes and condominiums they would move into cost roughly what they are leaving.
Dane County's 65+ population is projected to grow 55.7% from 2020 to 2040 (78,020 → 121,470), faster than Wisconsin (+44.9%) and the U.S. (+40.3%) — from a smaller starting base, as the county's 65+ share (16.9%) still trails both state (20.8%) and national (18.9%) levels. Sources: U.S. Census Bureau QuickFacts (Vintage 2025) and American Community Survey 2019–2023 5-Year Estimates; Dane County Area Agency on Aging FY2025–2027 Aging Plan; U.S. Bureau of Labor Statistics, Madison MSA series, June 2026.
| Property | Miles away | 1 bed | 2 bed |
|---|---|---|---|
| 55+ active adult rental | |||
| Linden House Madison (subject) | — | $1,950 | $2,800 |
| Conventional Class A · all ages | |||
| Illuminate Luxury Residences | 0.68 | $1,525–1,975 | $2,175–2,500 |
| Eastpark Apartments | 0.46 | $1,705 | $2,373 |
| Residences at DeForest Yards | 3.20 | $1,575 | $2,100 |
Madison and Dane County have no existing purpose-built, market-rate 55+ rental community — Linden House would be the first. Age-restricted alternatives (Oakwood Village Prairie Ridge, Quarry Ridge Retirement, Oakmont Senior Community) carry entrance fees or all-inclusive service bundles and are not directly comparable. Sources: Apartments.com and operator rate sheets, surveyed August 2026.
| Type | SF | Units | Rent / mo |
|---|---|---|---|
| 1 bed / 1 bath | 750 | 24 | $1,975 |
| 1 bed + den | 950 | 31 | $2,300 |
| 2 bed / 2 bath | 1,150 | 52 | $2,900 |
| 2 bed + den | 1,350 | 20 | $3,250 |
| Total / average | 1,057 | 127 | $2,634 |
Rents untrended at stabilization, $2.49 per SF. Four-story elevator building, 134,250 SF of residential area, 215 parking stalls.
Approximate site reference; distances are straight-line. Base map data © OpenStreetMap contributors.
Groundbreaking targeted July 2027, with a twelve-month lease-up from certificate of occupancy and stabilization projected for November 2029. Underwritten to a five-year hold from certificate of occupancy, December 2028 to December 2033, exiting at a 5.75% capitalization rate. The retail component is underwritten at zero net operating income and carries no assumed exit value. Stabilized net operating income of approximately $2.99M at 95% occupancy, a 68% operating margin.
