Answers to Your Senior Living & Retirement Condominium Questions
Below are some frequently asked questions regarding the structure of our independent living community and fees associated with purchasing a condominium unit at Fox Hill. The Public Offering Statement contains additional details regarding the Fox Hill project. We hope that you find this helpful, and our sales team is ready, willing and able to answer any questions you may have.
What is the Fox Hill Residential Condominium Association?
The Fox Hill Residential Condominium consists of the 240 residences located in the four separate wings of the complex, which are known as the Abbot, Buckley, Eliot and Dickinson buildings.
How much does Fox Hill cost?
Unlike other many other communities, residents at Fox Hill are owners of their condominium. Fox Hill is a for-sale equity product. Costs vary by condominium size and location within the community as well as by variances in the local real estate market. We encourage you to view the floor plan options available and contact us to inquire about pricing.
Who controls the Fox Hill Residential Condominium?
The Residential Condominium is controlled by its Board of Directors. There are seven (7) members of the Board of Directors who are elected annually by the owners of the residential condominiums. Board members serve three-year terms and those terms are staggered to provide continuity on the Board.
What is the Fox Hill Master Condominium?
As previously mentioned, the Fox Hill campus consists of three separate units: the Residential Condominium, the Amenities and the Assisted Living community. Each of these units are members of the Fox Hill Master Condominium. The Fox Hill Master Condominium is responsible to maintain the exterior elements of the campus (the grounds, the driveway, parking areas, etc.), as well as the interior common areas of the building. The Master Condominium is also responsible for general operations at Fox Hill, which includes maintenance and repairs.
Who owns the amenities and assisted living units?
The Fox Hill Residential Condominium owners benefit from the amenities and assisted living components on campus. The amenities unit and assisted living unit are owned by affiliates of Welltower, Inc. (NYSE: “HCN”), a publicly traded real estate investment trust with more than $25B in assets that invests across the full spectrum of seniors housing and health care real estate. More information on Welltower can be found at its website.
What access do I have to the amenities and at what cost?
The amenities at Fox Hill include four dining venues, bar, wine cellar and tasting room, fitness center, indoor pool, spa and salon, Performing Arts Center, art studio, library, indoor golf simulator, as well as concierge, limousine and bus transportation services, and more. All of these amenities are part of the daily experience at Fox Hill. There is a portion of the monthly condominium fees payable which covers the cost to provide these amenities for all Residential Condominium owners. The monthly Residence Services fee applicable to each residential unit is set forth in the Public Offering Statement materials provided to you.
What access do I have to assisted living and at what cost?
On-site assisted living and memory care is managed by Sunrise Senior Living, LLC and has its own entrance and amenities. Although the assisted living operates independently of the Residential Condominium, you will have priority access to the assisted living, if necessary, as a Residential Condominium owner. You will not pay assisted living service fees unless you are utilizing those services.
What fees will I pay as a condominium owner?
Payment of your condominium’s share of operating costs and capital reserve contribution for the Residential Condominium. These operating costs do not include operating costs associated with the amenities or assisted living, and are set forth in the annual budget approved by Residential Condominium Board. Payment of your condominium’s share of operating cost and capital reserve contribution for the Fox Hill Master Condominium. These costs are set forth in the annual budget approved by the Master Condominium Board. The amenities unit and assisted living unit also pay their share of the Master Condominium’s expenses and capital reserves. Payment of Residence Services Fee. As previously discussed, this Residence Services fee covers full access to the amenities (including four dining venues, bar, wine cellar and tasting room, fitness center, indoor pool, spa and salon, Performing Arts Center, art studio, library, indoor golf simulator, as well as concierge, limousine and bus transportation services and more.)
Does Fox Hill have a Capital Reserve Plan?
Since it was created, Fox Hill has had a Capital Reserve to fund replacement of all of the capital components (such as roofs; exterior walls, windows and doors, plumbing, heating and electrical systems, elevators, pavement, etc.) for both the Master Condominium and the Residential Condominium. Those plans have identified every component of Fox Hill, specified the useful life of each component over the next 40 years (through 2057) and the appreciated cost to replace those components over those 40 years. The plans then set the amount of money needed to pay for all of those replacements as they become necessary.
How are the Capital Reserves funded?
A portion of the monthly fees of each unit goes into those Capital Reserve Funds to ensure that all replacements of capital components can be paid for without the need of a special assessment.
How often are the Capital Reserve Plans reviewed?
Each year, as part of the annual budget process, the Capital Reserve plans are reviewed by the Board and the on-site Management. Every five (5) years those plans are reviewed by an independent engineering consultant to ensure that the plans are comprehensive, accurate and fully funded. This is the stated policy of the Condominium Boards.
When was the last reserve study completed?
The last review of the Capital Reserve plans by the independent engineering firm was completed in 2015. The Boards of directors completed a review of the reserve plans in the last fall as part of the preparation of the current fiscal year budget which began in January.