If housing construction in the Colorado Springs area is heating up, then the local senior housing market is at its boiling point.

An explosion of development of all types of senior housing will add more than 800 living units to the Colorado Springs area market by the end of next year. The 10 projects – including independent living apartments with meal service, assisted-living units and nursing home beds – are either open, under construction or seeking planning approval from local government agencies.

The latest round of development follows a burst of construction that started in late 2011 and added more than 500 units in eight projects, mostly assisted-living centers, by early 2015.

“We are seeing a lot of new development and there are still properties that recently opened that have not been fully absorbed by the market,” said Elizabeth Borden, principal of The Highland Group, a Boulder-based consulting firm for the senior housing industry who has worked with developers of several local projects. “There are properties that are still offering concessions” to new residents.

That push to fill empty units is a sign that the latest wave of development may result in even more rental and other incentives to attract tenants.

The occupancy rate for senior housing in the Colorado Springs area drifted lower during the previous building boom from 91.7 percent in 2012 to 88.3 percent last year, according to quarterly surveys by the National Investment Center for the Seniors Housing & Care Industry in Annapolis, Md. Annual rent growth during the same period deteriorated from 2.1 percent in 2012 to 1.5 percent last year, according to the center’s surveys. Both occupancy and rent growth were somewhat weaker than the average for cities of similar size, the surveys showed.

The previous round of construction was triggered in part by pent-up demand that developed during the recession and its aftermath, when no new projects were built for three years.

Many developers of the earlier round of facilities had planned their projects before the recession and couldn’t land financing during the downturn.

The latest round is driven more by surging population growth of elderly adults – the population 75 years and older in El Paso County is forecast to grow by 62.5 percent to more than 50,000 by 2025, according to the State Demography Office.

The first new project, the Healthcare Resort of Colorado Springs, opened this month in northwest Colorado Springs targeted largely at older adults with Medicare coverage that need short-term rehabilitation – usually two to four weeks – after a hospital stay for surgery, a heart attack or other medical condition.

The $22 million complex includes 97 beds for patients who need 24-hour nursing care and 28 assisted-living units for patients who need help preparing meals, bathing, dressing, keeping track of medication and other personal care tasks.

“I’m very glad we are at the forefront of this new wave of construction. I think it could get difficult for those projects opening near the end of the boom,” said Royal Jensen, CEO of Healthcare Resort of Colorado Springs.

Unlike the last wave of construction that mostly added assisted-living units to the local market, the 10 projects are not targeted at just one type of senior housing.

Four complexes include apartment units with meal service – called independent living – or a mix of retirement housing designed to allow residents to move to a higher level of care as needed. That is similar to the national trend, driven primarily by plentiful financing for assisted-living centers with more money becoming available for independent living projects, Borden said.

“There is a belief that Colorado is a strong, growing market for senior housing. There are a lot of national and regional companies starting to do business in Colorado. That is fueled by the fact that there is a greater supply of equity going into senior housing than ever before,” Borden said. “One cautionary note: There is a lot of excitement about the aging of the baby boomers, but the oldest boomers are just turning 70 this year. The average age of assisted-living residents is in the mid-80s. We are talking 10-15 years before boomers are ready for assisted living.”

One example of developers expanding into senior housing is The Wolff Co., a Scottsdale, Ariz.-based firm that is building a 162-unit independent living complex near the First & Main shopping center along Powers Boulevard.

“There’s an underserved market of renters aged 55-plus, looking for a lock-and-leave lifestyle where we are building,” said Mike Milhaupt, a longtime senior housing industry executive who is now vice president of senior housing for Wolff. “These developments will fill a gap in the market and set a new benchmark for senior living rental communities.” The Colorado Springs complex will include on-site dining facilities, indoor swimming pools, theaters, fitness centers, lounges and offer a variety of social activities for residents, he said.

Akron, Ohio-based Cedarwood Development Inc. is expanding into senior housing with The Lodge, a 79-bed facility that will have 22 beds set aside for residents with Alzheimer’s disease, dementia or other memory impairments.

Laura Hester, Cedarwood’s vice president of senior housing, said the company’s market analysis shows “strong demand for our product and supports what we are bringing in,” drawing residents from the Black Forest, Briargate, Springs Ranch, Stetson Hills and Wolf Ranch areas.

Demand is strong throughout Colorado for independent living units, Borden said, but she is worried the latest round of development could lead to overbuilding in two markets – facilities offering 24-hour nursing care (also called skilled nursing beds), and memory care centers. The latter require secure entrances and outdoor areas so residents cannot leave the facility and become lost, and are the most difficult facilities to fill, she said.

Traditional nursing homes, which offer 24-hour nursing care, have the lowest occupancy rate of any type of senior housing and are expected to lose patients to short-term rehabilitation facilities like the Healthcare Resort of Colorado Springs and three other facilities built in the past nine years, Borden said.

The four facilities have 250 beds, enough to house nearly three-fourths of the area residents covered by Medicare who received 24-hour nursing care for short-term rehabilitation at the end of last year, she said.

One facility might not be built. Dallas-based Senior Quality Lifestyles Corp., which had sought approval late last year for a 256-uni development in northwest Colorado Springs, told Mike Schultz of the Colorado Springs Planning and Development Department that the company “needed to go back to the board of directors to make sure they wanted to continue pursuing the site” after making concessions on building height to address neighborhood concerns.

A spokeswoman for the company, which operates six retirement complexes in Indiana and Texas, declined to comment.

Larry Smith, president of Bethesda Senior Living Communities, said the Colorado Springs-based nonprofit is building an assisted-living center in Monument in response to that city’s booming population.

Bethesda also owns land in the Briargate area where it had considered building a larger retirement complex, but instead has put the 5.9-acre site on the market.

Two other longtime senior housing operators aren’t worried about an overbuilt market.

Janet Burns, CEO of Sunny Vista Senior Living, which is building a 66-bed assisted-living center on its campus on Cache La Poudre Street, said the assisted-living center will give Sunny Vista a campus for the first time where residents can “age in place” and move between levels of care as needed.

“I believe these projects are geographically far enough apart that they will be serving different markets,” Burns said. “We are a nonprofit with long ties to the community with a campus that is centrally located and the market for assisted living is just exploding with the aging of the baby boomers.”

Aaron Koelsch, CEO of Koelsch Senior Communities, said the Olympia, Wash.-based company is building a 72-bed memory care center near the Springs Ranch Golf Course along with 12 cottages for family members as part of its expansion into the memory care market that also includes four other facilities in the Chicago and Seattle areas.

“Just about everywhere we go the senior real estate market is very busy. There is always a bit of risk because this is an inexact science,” Koelsch said. “We are going to locations where the demand is steep and the demand is robust in Colorado Springs for memory care services. When we did our market study earlier this year, every facility had an occupancy rate well in the 90s.”

–

Contact Wayne Heilman: 636-0234

Twitter @wayneheilman

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The new apartment community creates a focal point for Gunbarrel with a walkable Main Street welcoming new restaurants and retail

Gunbarrel, CO (April 19, 2016) – Gunbarrel Center, the new apartment community located at 5340 Gunbarrel Center Court in Gunbarrel, is excited to welcome Proto’s Pizzeria Napoletana (Proto’s) as the community’s first restaurant. Proto’s, the popular, Bolder-based pizzeria founded by Pam Proto in 1999, will open a 1,800 square foot restaurant at Gunbarrel Center this summer. Proto’s is the first commercial tenant to be announced at Gunbarrel Center. When complete, Gunbarrel’s new pedestrian-friendly Main Street will feature several local retailers and eateries.

“We’re very excited to welcome Proto’s to Gunbarrel Center. The area is hungry for new, high-quality restaurants and Proto’s will be a great destination for the area’s many residents and workers,” said Matt Perrin, Executive VP of Asset Management at The Wolff Company, developers of Gunbarrel Center. “Pam has five very successful locations in Colorado, and the pizza and full-bar concept she has planned for Gunbarrel will be a very popular addition to the community.”

Proto’s dining experience has been recognized in many local and national publications, including Bon Appetit for authentic Neapolitan style pizza, in-house made cannolis and sit down service with linen napkins and a full bar.

“Gunbarrel Center is the perfect location for Proto’s and we could not be looking more forward to opening our doors,” said proprietor, Pam Proto. “The location is in walking distance to more than 6,000 homes, 600 new apartments and several of Boulder’s largest employers. We anticipate being very busy and look forward to becoming THE gathering place in Boulder’s fastest growing neighborhood.”

Residents began moving into Gunbarrel Center last summer, and have watched it flourish during the past several months. In addition to Main Street, the pet-friendly community has a grassy park with grills for residents, spectacular mountain views and immediate trail access to large tracts of open space for enjoying the Colorado sunshine. Residents of the 251-apartment community have nine buildings and 32 different floorplans to choose from.

“There is a lot of new apartment construction underway in the area and Gunbarrel Center continues to distinguish itself with outrageous views, spacious floor plans, over-the-top amenities like an indoor sports simulator, and exceptional quality,” said Perrin.  “People are excited when they realize the convenience of Gunbarrel Center’s walking proximity to area employers, several nearby breweries, as well as our plans to make the retail and restaurant component a town center for the entire community. We’ve also heard from more than a few runners and cyclists who really appreciate Gunbarrel Center’s immediate access to popular trails and riding routes. All around, this is the hot place to be in Boulder.”

In addition to the luxury residences, pedestrian-friendly Main Street and proximity to open space, Gunbarrel Center also features:

• A grassy picnic area with a grilling station, community gardens and a playground.
• A sleek lounge with a demonstration kitchen, fireplace & flat-screen TVs
• A coffee bar with an app-powered, TopBrewer espresso machine.
• A 24-hour fitness center with top-of-the-line equipment.
• An indoor golf and sports simulator and pool hall.
• A conference room and business center.
• Adjacent public transit access.
• Nearby access to award-winning Heatherwood Elementary School.

The apartment residences include:

• One-, two- and three-bedroom floor plans.
• Expansive, nine-foot ceilings*
• Large, energy-efficient, dual-pane windows to take in mountain views.
• Oversized walk-in closets and ample storage space.
• Gourmet kitchens with quartz countertops and tile backsplashes.
• GE stainless steel appliances including flush-set refrigerators.
• Under-counter mounted kitchen sinks.
• Upgraded chrome finishes.
• Wood-style vinyl flooring.
• Full-size washers and dryers.
• Personal balconies and patios.*
• Attached garages.*
  *in select units

For more information, please visit www.GunbarrelCenter.com.

For more information regarding Proto’s, please visit www.ProtosPizza.com.

SCOTTSDALE, Ariz., January 19, 2016 – The Wolff Company has announced a partnership with 901 Fremont, LLC, an affiliate of Downtown Project, with plans to develop a groundbreaking mixed-use multifamily project on 1.3 acres in Downtown Las Vegas (DTLV). The proposed 5-story, podium-style building, currently being dubbed Fremont & 9th, will include 231 units as well as 15,000 square feet of retail space along Fremont Street. It will be the first of its kind in the emerging Fremont East area, which is being revitalized with the help of many investments and initiatives by Downtown Project and its founder, Tony Hsieh, the CEO of Zappos.com, Inc.

“We’re happy to welcome The Wolff Company to downtown, and believe this development is an important addition to Fremont Street because there currently isn’t anything like it available in the area,” said Hsieh. “Increasing the residential density is key to making the Fremont East area a truly vibrant place to live, work, and play. We’re excited to see this development for those who want to live downtown.”

Located at the intersection of 9th and Fremont Streets, the property will be within walking distance to dozens of restaurants, bars, and other retailers and small businesses in the urban DTLV district. It will be adjacent to the largest dog park in DTLV, The Hydrant Club, a block from Downtown Container Park, and a 5-minute walk to the Fremont Street Experience. Residents will also have convenient access to U.S. Highway 95 and Interstate 15, and will be just minutes from the Las Vegas Strip and the UNLV campus.

“The population of Downtown Las Vegas is growing and evolving, yet there is a lack of rental housing options to meet the area’s demand,” said Nate Carlson, Vice President of Development for The Wolff Company. “Fremont & 9th will change the face of DTLV living, offering residents a stylish home with unprecedented access to entertainment, retail and hospitality.”

Fremont & 9th is being designed to take full advantage of its location with a suite of amenities that promote a true “live, work, play” lifestyle. Urban art and style will be found throughout the property from its hip resident lounge and resort-style pool to the premium unit finishes such as quartz countertops, under-mounted sinks, custom tile backsplashes and stainless steel appliances. The Korte Company, based in Las Vegas, has been selected as the general contractor. Construction on Fremont & 9th is scheduled to start in the next 30 days.
About The Wolff Company
Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

About Downtown Project:
The goal and purpose of Downtown Project is to help make Downtown Las Vegas a place of inspiration, entrepreneurial energy, creativity, innovation, upward mobility, and discovery. The community-oriented organization does this through the three Cs of collisions, co-learning and connectedness in a long-term, sustainable way.

Downtown Project is an umbrella organization that functions as the equivalent of a holding company, encompassing a collection of investments across small business, technology, and real estate. Downtown Project has allocated $350 million to aid in the revitalization of Downtown Las Vegas.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended. This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-

SEATTLE, WASH. – November 30, 2015 – The granddaddy of Seattle craft beer — Redhook Brewery — will celebrate its 35th anniversary as the Emerald City’s original craft brewery in 2016 with a new brewpub in Capitol Hill. The brewpub will be located in the distinctive Pike Motorworks building at 714 E. Pike Street.

From its humble beginnings in a Ballard transmission shop to its beloved Trolleyman brewpub in a former Fremont trolley barn, Redhook newest brewpub will be located in a former auto dealership on Capitol Hill’s historic auto-row, continuing the brewery’s reputation for transforming historic Seattle sites into popular destinations for beer lovers.  The new brewpub will reflect the spirit of Redhook’s beginnings and create a unique opportunity to experience some Redhook classics such as ESB and Ballard Bitter, alongside innovative small-batch brews, some of which will be available exclusively at the new brewpub location.

“I’m looking forward to my first ESB in the new brewpub on Capitol Hill,” said Paul Shipman, co-founder of Redhook Ale Brewery. “This new location is a perfect opportunity for Redhook to brew great-tasting, local craft beer in one of Seattle’s most vibrant neighborhoods and to help celebrate Redhook’s 35th anniversary since it first introduced Seattle to craft beer in 1981.”

The Capitol Hill brewpub will feature a 10-barrel brewery where Redhook brewers will brew beer exclusively for the pub and the City of Seattle. Construction is in process, and the new brewpub is scheduled to open in the fall of 2016, just in time to celebrate Redhook’s 35th anniversary.

“The Redhook brewing team is thrilled to celebrate our 35th anniversary with a new brewpub in the heart of the Emerald City,” said Nick Crandall, lead innovation brewer for Redhook Brewery. “I can’t wait to begin brewing new, creative and experimental beers at the new Seattle brewery. We’re also looking forward to the opportunity to connect with the community and continue partnering with great local businesses like Caffe Vita. Creating distinctive collaborative brews such as Double Black Stout ties all the goodness of Seattle together. This is what makes being a craft brewer so great – working with great people who really love what they do every day.”

About Redhook Ale Brewery

Redhook was born out of the energy and spirit of the early 1980s in the heart of Seattle. While the term didn’t exist at the time, Redhook became one of America’s first “craft” breweries with its focus on creating “better beers” for beer lovers. From a modest start in a former transmission shop in the Seattle neighborhood of Ballard, to its Trolleyman brewpub in a Fremont trolley barn, to its current breweries in Woodinville, Wash. and Portsmouth, N.H., Redhook has become one of America’s most recognized craft breweries. In celebration of Redhook’s 35th anniversary, 2016 will see Seattle’s original craft brewery increase its commitment to the Emerald City with a new brewpub in the Capitol Hill neighborhood.

While Redhook has “grown up” over the past 30 years, one thing has never changed — Redhook is still brewing great beers like ESB, Long Hammer IPA, Pale Ale and a variety of seasonal beers. Most importantly, Redhook has fun doing it. Redhook beers are available on draught and in bottles and cans around the country. For more information, visit www.redhook.com.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Media Contact: Amber Huntley-Ruiz, (480) 760-2224, aruiz@awolff.com

Twitter and Instagram: @Redhook_Brewery

Facebook: www.facebook.com/RedhookAleBrewery

Media Contact:

Joleen Zanuzoski

GreenRubino, Public Relations for Redhook Brewery

P: 206-452-8189

E: joleenz@greenrubino.com

SCOTTSDALE, Ariz., Nov. 20, 2015 /PRNewswire/ — The Wolff Company announced plans to develop several senior living apartment communities in the first quarter of 2016. The first six developments are expected to break ground over the next 90-120 days and will be located in Issaquah, Lacey and Spokane, WA; Henderson, NV; Oxnard, CA; and Colorado Springs, CO.

These projects represent the first of a large investment anticipated to be made in the independent and assisted living market by the Scottsdale-based private equity firm and will continue to broaden their portfolio of market-leading communities nationwide. Wolff intends to invest $300-$400 million annually in the development of independent and assisted living communities in addition to purchasing existing communities.

“There’s an underserved market of renters aged 55+ looking for a lock-and-leave lifestyle where we are building,” said Mike Milhaupt, Vice President of Senior Housing for The Wolff Company. “These developments will fill a gap in the market and set a new benchmark for senior living rental communities.”

The amenity-rich properties will offer on-site dining options, a variety of social activities and top-of-the-line facilities including fitness/aerobics centers, indoor swimming pools (certain locations), theaters, art studios, lounges and full commercial kitchens. They are strategically located in desirable communities across the Western United States.

• Colorado Springs, CO
  Tutt Blvd & S. Carefree Circle
  160 Units
• Oxnard, CA
  2850 North Ventura Road
  136 Units
• Henderson, NV
  1505 Wigwam Parkway
  146 Units
• Issaquah, WA
  19600-19852 Newport Way NW
  146 Units
• Lacey, WA
  8501-8549 Martin Way E
  135 Units
• Spokane Valley, WA
  16800 block of Mission Court
  135 Units

About The Wolff Company
Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona, and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at
www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended. This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance. A number of important factors could cause actual
investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 

CONTACT: Amber Huntley-Ruiz, (480) 760-2224, aruiz@awolff.com

SEATTLE, March 31, 2015 – The Wolff Company’s 92-unit apartment building, Sunset Electric, on Capitol Hill in Seattle is the winner of the prestigious Daily Journal of Commerce Building of the Year award. Sunset Electric out-paced a strong field of much larger and higher-profile nominees in the popular DJC contest.

Sunset Electric was one of the first multi-family developments permitted and constructed under the Pike/Pine Conservation Overlay District program that rewarded preservation of the historic structure’s façade and character with additional height. The seven-story mixed-use building at 1111 E. Pine is exceptionally efficient and recently received LEED Platinum Certification.

Tim Wolff, EVP Development and Managing Partner of The Wolff Company explained, “We are especially honored to receive this prestigious award because the votes were cast by our peers and members of the building community. Sunset Electric is the product of great teamwork and raises the bar for sustainable development and high-quality multi-family housing.”

The Wolff Company is the owner and developer of Sunset Electric. The building architect was Weber Thompson with Steve Cox, Architect as design consultant and the builder was Compass General Construction.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company
For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com

SCOTTSDALE, January 21, 2015 — The Wolff Company announced the acquisition of 800J Lofts, a popular loft-style apartment community in Sacramento, California.  Located at the corner of 8th and J Streets in the heart of Downtown Sacramento, the property is within three blocks from the State Capitol Building and just two blocks from the Sacramento Entertainment and Sports Center (“SESC”), the future home of the Sacramento Kings.

The loft-style studios, one- and two-bedroom floor plans feature floor-to-ceiling windows, granite countertops, stainless steel appliances, washers and dryers, and bamboo plank flooring. Amenities include two courtyards, an on-site courtesy patrol, a media room, controlled access parking and a 24-hour fitness center. The Wolff Company has plans to renovate and redesign the buildings common spaces to further increase the amenity package. The property also includes approximately 19,478 square feet of ground floor retail space in addition to a 292-space parking garage.

“The number of Sacramento residents is projected to grow as exciting new business and developments enter the downtown market over the next few years,” said Fritz H. Wolff, CEO of The Wolff Company. “800J’s mix of well-designed units and an ideal location will make this a valuable asset in our Northern California portfolio.”

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Amber Huntley-Ruiz of The Wolff Company, 480.760-2224, aruiz@awolff.com.

SCOTTSDALE, September 30, 2014 /PRNewswire/ — The Wolff Company announced the sale of Lincoln Place Apartments, the 200-unit multifamily community located in Loveland, Colorado. Originally purchased in 2011, Lincoln Place Apartments is one of nineteen investments made by Wolff Real Estate Partners, L.P. and the ninth investment in the fund to be sold.

Following the sale, Fritz H. Wolff, CEO of The Wolff Company, commented, “Lincoln Place is a great representation of our investment thesis in Wolff Real Estate Partners, L.P. It was a strong, cash-flowing asset in an over-looked market and was a wonderful component of the Wolff Real Estate Partners, L.P. portfolio. We are extremely pleased with the performance of Lincoln Place and look forward to the results of the remaining properties within the fund.”

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.

SCOTTSDALE, September 15, 2014 /PRNewswire/ — The Wolff Company announced the hiring of Steve Jasa as the new CFO of its Investment Management Group. Steve will oversee all financial policies and procedures associated with the company’s six real estate private equity funds. With more than 24 years of real estate finance and investment management experience, Steve is responsible for all fund-related accounting, compliance, analytics, and investor reporting functions. Prior to joining The Wolff Company, Steve was Vice President, Investment Management of Western National Properties, where he was responsible for managing all aspects of the company’s $1.25B multifamily private-equity fund and joint-venture platform. He was also a Senior Manager in Ernst & Young, LLP’s real estate capital markets group. He graduated with a Bachelor’s degree from UCLA, and an MBA from Cornell University’s Johnson Graduate School of Management. He is a member of the National Multi-Housing Council, a full member of the Urban Land Institute, where he served as Vice Chairman of the Multifamily Council – Silver Flight (2008-2013), and a member of PREA, where he is a part of the Reporting & Valuation Affinity Group.

“We are extremely excited to have Steve join our team. He brings invaluable experience and knowledge that will greatly benefit our organization. We know that he will be a huge asset as the firm continues on its path of growth and expansion,” commented Jay Petkunas, President and COO of The Wolff Company.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.

SCOTTSDALE, September 4, 2014 /PRNewswire/ — The Wolff Company announced the sale of Waterstone at Murrieta Apartments, the 420-unit multifamily community located in Murrieta, California. Waterstone at Murrieta was purchased in a joint venture with Silverado Canyon Partners of Laguna Hills, California. It was one of nineteen investments made by Wolff Real Estate Partners, L.P. and the eighth investment in the fund to be sold.

“The sale of Waterstone at Murrieta marks the successful execution of the investment strategy we originally conceived with The Wolff Company.  We completed a number of renovations and upgrades in response to the growth occurring in the market and we capitalized on those improvements,” said Mike Jara, President of Silverado Canyon Partners, Wolff’s joint-venture partner on the investment.

About The Wolff Company

Wolff has invested in, acquired and developed high-quality multifamily assets for more than six decades. The Company is headquartered in Scottsdale, Arizona and maintains offices in Washington, Massachusetts and California. Contact us at 480.315.9595 or visit us online at www.awolff.com.

Any release contained herein should not be construed as a solicitation and no solicitation is hereby made or intended.  This release may contain forward-looking statements that are based on management’s current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. Forward looking statements can be identified by the use of words such as “believe,” “expect,” “plan,” “estimate,” “project,” “target,” “anticipate,” “intend,” “may”, “will,” “continue,” and other words of similar meaning in connection with a discussion of future operating or financial performance.  A number of important factors could cause actual investment results to differ materially from the forward-looking statements that may be contained in this release. Forward-looking statements in this release speak only as of the date on which such statements were made, and management undertakes no obligation to update any such statement or statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

SOURCE: The Wolff Company

For further information: Stephen Nelson of The Wolff Company, 480.248.2519, snelson@awolff.com; or Denise Resnik of DRA Strategic Communications, 602.956.8834, denise@resnikpr.com, for The Wolff Company.