The Wolff Company—a Scottsdale-based private equity firm and senior living developer—has broken ground on Revel Amberglen, a new independent living apartment community within the Amberglen Business Park mixed-use masterplan in Hillsboro. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Amberglen is expected to open in 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 percent decrease in new senior housing projects since the peak in 2015. This is problematic for Hillsboro, where the population of those aged 55+ increased nearly 20 percent between 2013 and 2016.
“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, V.P. of Senior Development at The Wolff Company. “Revel Amberglen will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the five-story property will offer 143 studio, one-, and two-bedroom independent living residences. Built adjacent to Amberglen Park, Revel Amberglen offers amenities unique to the Revel portfolio, including a full-service salon and spa, an indoor saltwater pool, and a fitness studio. The lifestyle at Revel Amberglen is 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 Amberglen will offer the resort-style amenities and experiences that make senior living something to look forward to and celebrate.”
Revel Amberglen joins a portfolio of 19 senior living communities from the Wolff Co. currently open or under construction. 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 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.