Background/Objectives: Seventy-three older adults (OAs) participated in two group physical activity programs conducted in a university–community collaboration environment. The objectives of this study were to assess changes in the amount of weekly physical activity, life satisfaction, and perceived loneliness among participants. The study aimed to analyze the relationships between these variables and establish a leadership profile. Methods: This quasiexperimental pre–post group study involved a quantitative analysis at the beginning and end of the intervention, supplemented with social network analysis methodology. Participants were assessed for weekly physical activity levels, life satisfaction, and perceived loneliness. Ethical considerations and approvals were obtained prior to the study. Results: There was a significant increase in the percentage of individuals reporting high life satisfaction. Furthermore, the level of participants experiencing severe to moderate loneliness decreased. The percentage of individuals meeting the World Health Organization’s recommended weekly physical activity levels increased, along with the number of ties in social networks related to help and friendship. Conclusion: The results demonstrate the psychosocial benefits of participating in intergenerational programs focused on group physical activity within a university–community collaboration environment. The study addresses its research objectives by highlighting improvements in life satisfaction, reductions in loneliness, and enhanced social connections among OAs. Significance/Implications: These findings underscore the importance of intergenerational physical activity programs in improving the well-being of OAs. The study’s outcomes have implications for practice, service delivery, policy formulation, and future research contributing to the advancement of gerontological knowledge and the improvement of outcomes for OAs.