Related Companies has announced a new joint venture with Atria Senior Living to develop a $3 billion senior housing portfolio.
Over the next five years, Related and Atria plan to develop, own and operate modern, urban communities catering to seniors looking to live in major cities.
The initial development pipeline includes sites in New York City, San Francisco, Boston, Los Angeles, Miami, Washington D.C., and other major metropolitan areas.
The joint venture capitalizes on Related’s experience in designing, developing and managing a residential hospitality platform, and Atria’s expertise in creating and operating senior living environments
“We have long focused on designing and building luxury environments in our country’s most vibrant cities that cater to every aspect of our resident’s lifestyle,” said Jeff T. Blau, CEO of Related Companies.
“This new venture is really a response to a growing need we are seeing from our core urban customers who are looking for a luxurious home as they age, or for their aging loved ones, that is close by and where best-in-class care will be provided. Our new focus on senior living represents a culmination of our efforts and now means that Related can offer best-in-class housing options for every stage of life.”
“Atria Senior Living deeply believes where you live will determine how well you live and we couldn’t be more excited to have a partner who shares our commitment to create the most thoughtful and enriching environment imaginable for seniors,” said John Moore, CEO of Atria Senior Living. “Together, Related and Atria will give seniors an opportunity to live an enhanced, sophisticated and supported life.”
The Related-Atria venture is driven by current research that concludes that people today are living longer, healthier lives. Over the next decade, the 75-plus age group will become an even larger segment of our society, and seniors’ share of our population will likely grow to the highest level ever. Despite this trend, there continues to be a severe shortage of high-quality urban senior housing options throughout the country.
Related and Atria will work with leading architects, designers, gerontologists, nutritionists and wellness experts to develop communities that will offer custom services and amenities.
Each development will have programming that includes access to local cultural events and performances, and in-building amenities to include multiple restaurants, gyms and pool.
Through partnership with local medical facilities, the care and support will be also be available and memory care residences and facilities will support residents with dementia.
In a press release Related and Atria said their partnership is founded on a staunch belief that urban environments are ideal locations for seniors because cities keep them connected to their larger community and family, as well as to the services and amenities needed to support their lifestyle.
