Scottsdale, Arizona and Torrance, California – The Wolff Company—a Scottsdale-based private equity firm and senior living developer—has broken ground on Revel Southbay, a new independent living apartment community located near to 1.5 miles of pristine Pacific beaches. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Southbay is expected to open in late 2018 and will set a new standard of quality and service in the senior living sector.
The Q2 2017 CBRE Senior Housing & Care Market Insight report indicates that by 2029, baby boomers aged 65 and over will account for more than 20% of the U.S. population, with those aged 55+ not far behind. Lancaster Pollard’s 2017 Senior Housing and Care Market Outlook report indicates the growth and change will be felt much more quickly as the population aged 75 and over is expected to grow more than 3.8% by 2021, while growth in the development of quality senior housing options is expected to maintain its annual growth rate of 2.8%.
“Nationwide, and in places like Torrance, 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 Southbay will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the four-story property will offer 185 studio, one-, and two-bedroom independent living residences. Revel Southbay 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 Southbay 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.
Revel Southbay is the 10th 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.
More information about Revel Southbay can be found at awolff.com.
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.