The Wolff Company—a Scottsdale-based private equity firm and senior living developer will soon break ground on Revel Kirkland, a contemporary active senior living apartment community located on the 12-acre former LifeBridge Church site in the Juanita area. Expected to open in 2019, Revel Kirkland will offer amenities unique to the Revel group of properties, including celebrity chef-driven dining options.
Recent reports from the National Investment Center (NIC) indicate that while the number of senior housing options in development nationwide rose by 4.5 percent in 2017, the growth is too slow for demand. This is especially true in King County, where population estimates from Aging and Disability Services show that residents aged 60+ will represent 23.8 percent of the local population by 2020, with no indicators that this growth will slow any time soon. The increasing demand for 55+ rental options is marked by an increased demand for contemporary amenities.
“Nationwide, and in places like Kirkland, 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 Kirkland will give residents a contemporary senior living option with flexible, quality food options and wellness as keystones of their experience”.
Once completed, the five-story property will offer 152 studio, one-, and two-bedroom independent living residences. Built in a natural setting, Revel Kirkland is characterized by mature trees and landscaping, incorporated throughout the property, providing a serene environment complete with walking trails and other outdoor amenities. The property offers amenities unique to the Revel group, including a private-use full-service salon and spa, yoga studio, and fitness studio. Community amenities at Revel Kirkland are further enhanced by celebrity chef-driven dining experiences, including multiple restaurants, flexible meal plans, and seasonal menus prepared by acclaimed chef and Food Network star, Beau MacMillan.
“This community will set a new benchmark for senior living flexibility and features,” said Milhaupt. “Revel Kirkland will offer resort-style amenities like an indoor heated saline pool, multiple dining venues and access to natural outdoor space that make resort-style living something to look forward to and celebrate.”
Revel Kirkland 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.