The Wolff Company—a Scottsdale-based private equity firm and senior living developer will soon break ground on Revel Damonte Ranch, a contemporary active senior living apartment community located in the Damonte Ranch, just south of Reno. The Damonte Ranch master plan is an upscale mixed-use community located at the base of the beautiful Sierra Nevada mountains, with stunning views.
Expected to open in 2020, Revel Damonte Ranch will be the second Wolff Company property to break ground in Reno, after Revel Rancharrah, and will offer amenities unique to the Revel family 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% in 2017, the growth is too slow for demand.
This is especially true in Washoe County, where the 60+ population rose from 76,000 in 2010 to 89,000 just three years later in 2013 and is predicted to hit 100,000 by 2020. These growth rates are further compounded by U.S. Census Bureau projections indicating Nevada will remain the third fastest aging state through the year 2050. The increasing demand for 55+ rental options in Washoe County and throughout Nevada is marked by an increased demand for contemporary amenities.
“Nationwide, and in places like Washoe County, 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 Damonte Ranch, along with sister community, Revel Rancharrah, will provide residents a contemporary senior living option with flexible, quality food options and wellness as keystones of their experience”.
Once completed, the four-story property will offer 156 studio, one-, and two-bedroom independent living residences. Built in a natural setting, Revel Damonte Ranch is characterized by views of the adjacent Steamboat Creek wetlands and nearby mountains, complete with walking paths that lead to nearby trails and other outdoor amenities offered in Reno only by Revel properties. The property offers other amenities unique to the Revel family of properties, including a private-use full-service salon and spa, yoga studio, and state-of-the-art fitness studio. Community amenities at Revel Damonte Ranch 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.
“Alongside Revel Rancharrah, Revel Damonte Ranch will continue to expand senior living flexibility and features in Reno,” said Milhaupt. “Revel Damonte Ranch will offer resort-style amenities like an indoor heated saline pool, multiple dining venues and access to natural outdoor spaces that make resort-style living something to look forward to and celebrate.”
Revel Damonte Ranch is the 13th 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.