The Wolff Company plans to break ground later this year on Revel AmberGlen, a new independent living apartment community in Hillsboro, Ore., on the west side of Portland.
Characterized by celebrity chef-driven dining options, personalized amenities and a host of lifestyle features and amenities, Revel AmberGlen is expected to open in 2020.
Revel AmberGlen will be the 12th senior living community that The Wolff Company has developed since 2016. Since the beginning of the year, the company has publicly announced five additional Revel branded communities under construction in Torrance, Calif.; Issaquah and Spokane, Wash.; Eagle, Idaho; and Las Vegas, Nev.
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.
The Q3 2017 CBRE Senior Housing & Care Market Insight report indicates that in the third quarter of 2017, new construction across all senior housing averaged only 5,923 units per quarter, a nearly 50% drop from the 2015 peak. In Q2 CBRE reported that by 2029 those aged 65+ will account for more than 20% of the U.S. population.
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%.
The Wolff Company is aiming to increase available inventory while changing the standards for what active adult housing should be.
“Nationwide, and in places like Hillsboro, 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 AmberGlen will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the four-story property will offer 140 studio, one-, and two-bedroom independent living residences set amongst tree-lined parks near the Willamette River. Similar to the other Revel communities, Revel AmberGlen 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 AmberGlen 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.
The ongoing development of new community centers, natural areas, and retail shops complements the already sought-after access to Beaverton and Downtown Portland, along with local restaurants, microbreweries, unique shops, and outdoor activities.
The other Revel communities announced since the beginning of 2018 include:
1. Revel Southbay in Torrance, Calif. The four-story property will offer 185 studio, one-, and two-bedroom independent living residences.
2. Revel Issaquah will be a three-story property featuring 146 studio, one-, and two-bedroom independent living residences.
3. Revel Eagle in Idaho will be a three-story property offering 146 studio, one-, and two-bedroom independent living residences.
4. Revel Vegas will be a three-story building featuring 132 studio, one- and two-bedroom independent living residences.
5. Revel Spokane will be a four-story property offering 132 studio, one- and two-bedroom independent living residences
All five are expected to open in 2018.
For complete information on The Wolff Company including all corporate and division offices and top personnel, refer to The Directory of Multifamily Builders & Developers and Online Database.