Scottsdale, Arizona and Issaquah, Washington (March 5, 2018) – The Wolff Company—a Scottsdale-based private equity firm and senior living developer—has broken ground on Revel Issaquah, a new independent living apartment community located across from Lake Sammamish. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Issaquah is expected to open in late 2018 and will set a new standard of quality and service in the senior living sector.
Aging and Disability Services, the Area Agency on Aging for Seattle and King County (ADS), most recently estimated that the number of residents aged 60+ will represent 23.8% of the total population of King County by 2020, and the rate of growth is expected to continue. The growth and change will be felt much more quickly as those aged 85 years and older, and those aged 75-79, represent two of the fastest growing segments of King County’s total population, while Lancaster Pollard’s 2017 Senior Housing and Care Market Outlook report indicates growth in the development of quality senior housing options is expected maintain its annual growth rate of 2.8%.
“Nationwide, and in places like Issaquah, there is an underserved and growing market of renters aged 55+ looking for a convenient, upscale, lock-and-leave lifestyle,” said Mike Milhaupt, Vice President of Senior Housing for The Wolff Company. “Revel Issaquah will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the three-story property will offer 146 studio, one-, and two-bedroom independent living residences. Revel Issaquah will also feature best-in-class wellness services and sophisticated amenity spaces including a fitness and yoga studio, a full-service salon and spa, an art studio, and a heated saltwater pool. Community amenities at Revel Issaquah are further enhanced by celebrity chef-driven dining experiences that will include multiple restaurants with innovative seasonal menus from acclaimed chef and Food Network star, Beau MacMillan.
“This community will fill a gap in the market and set a new benchmark for senior living rental communities,” said Milhaupt. “Revel Issaquah will offer the resort-style amenities and experiences that make resort-style living something to look forward to and celebrate.”
Revel Issaquah is the ninth senior living community that The Wolff Company has developed since 2016. In 2018, the company will continue to broaden its portfolio of market-leading communities with plans to invest $300-$400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.
About The Wolff Company
The Wolff Company is a private equity firm headquartered in Scottsdale, Arizona, with offices in Washington, Massachusetts, and California. For more than six decades, Wolff has invested in, acquired and developed high-quality, amenities-based multifamily properties. For more information about The Wolff Company, visit awolff.com.
Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended. This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance. A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.