The Wolff Company—a Scottsdale-based private equity firm and senior living developer—will break ground later this year on Revel AmberGlen, a new independent living apartment community in the Tualatin Valley on the west side of Portland where natural spaces meet the metropolis. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel AmberGlen is expected to open in 2020.
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 percent drop from the 2015 peak. In Q2 CBRE reported that by 2029 those aged 65+ will account for more than 20 percent 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 percent by 2021, while growth in the development of quality senior housing options is expected to maintain its annual growth rate of 2.8 percent. 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 adjacent to AmberGlen Park. Revel AmberGlen will also feature best-in-class wellness services and sophisticated amenity spaces including secured underground parking with elevator access, and other private-access amenities like a fitness and yoga studio, a full-service salon and spa, an art studio, and an indoor swimming 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.
Revel AmberGlen is the 12th 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.