The Wolff Company, a Scottsdale-based private equity firm and senior living developer, will break ground later this year on Revel South Bay, a new independent living apartment community adjacent to Manhattan, Redondo, Torrance and Palos Verdes beaches, and across the street from Del Amo Fashion Center mall. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel South Bay is expected to open in 2019.
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 percent 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 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.
“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 South Bay 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 South Bay 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 South Bay 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 South Bay 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.
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.