Wolff Company breaks ground on Scottsdale senior living community
The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, a new independent living apartment community at 8225 E. Indian Bend Road in Scottsdale, where the former Scottsdale Athletic Club was located. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Scottsdale is expected to open in late 2020 and will set a new standard of quality and service in the senior living sector.
In 2017, the CBRE Senior Housing & Care Market report indicated that nationwide there had been a 50% decrease in new senior housing projects since the peak in 2015. This is problematic for Scottsdale, which according to the U.S. Census Bureau is part of the fourth-fastest growing metropolitan area in the United States.
“Nationwide, and in places like Scottsdale, there is an underserved and growing market of renters aged 55+ looking for a convenient, upscale, lock-and-leave lifestyle,” said Mike Milhaupt, V.P. of Senior Development at The Wolff Company. “Revel Scottsdale will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the three-story property will offer 157 studio, one-, and two-bedroom independent living residences. Built in the vicinity of the future Paradise Valley Ritz Carlton and near to Talking Stick Resort, Salt River Fields, and the McCormick Ranch Golf Club, Revel Scottsdale will offer easy access to some of Arizona’s most high-value amenities as well as 270-degree unobstructed views of surrounding mountains. Additionally, the community will boast amenities unique to the Revel portfolio, including a full-service salon and spa, an outdoor saltwater pool and spa, and a fitness studio. The lifestyle at Revel Scottsdale will be further enhanced by celebrity chef-driven dining experiences including 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 Scottsdale will offer the resort-style amenities and experiences that make senior living something to look forward to and celebrate.”
Revel Scottsdale joins a portfolio of 18 other senior living communities from The Wolff Company that are either under developed or currently open. In 2018, the company has continued to broaden its portfolio of market-leading communities with plans to invest $300-$400 million annually in the development of new independent living communities, in addition to the purchase and renovation of existing communities.