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Related Companies placing $3B bet on luxury senior housing
Firm said it will build high-rise senior buildings with Atria Senior Living in Manhattan and San Francisco
Related Companies sees a golden opportunity in seniors with a taste for luxury. The company announced this week that it plans to build $3 billion worth of high-rise luxury apartments for seniors across the country, according to Bloomberg.
The move follows a growing number of developers who have sought to accommodate a wave of Baby Boomers entering their twilight years. Last year, Maplewood Senior Living and Omega Healthcare Investors’s launched a development at East 93rd Street and Second Avenue, where rentals start at $12,000 a month. At Welltower and Hines’ 15-story senior living facility at 139 East 56th Street, those living costs jump to $20,000 a month.
Related’s initiative will begin next year with developments in each Manhattan and San Francisco, before building two new developments a year in Los Angeles, Boston, Washington and Miami.
“The average customer in our luxury residential portfolio is entering that phase of life where they’re increasingly looking for a solution for their parents,” said Bryan Cho, the executive vice president overseeing the plan.
He said the buildings would contain between 150 and 250 units, and around a quarter of those would be allocated to patients with cognitive issues. The company will partner with senior care management company Atria Senior Living [Bloomberg] — David Jeans
Correction: Related plans to build $3 billion worth of rentals for seniors, not condos as was originally reported.