The Wolff Company Breaks Ground on New Senior Living Community in Folsom
Revel Folsom sets new benchmark for senior living amenities in California as demand for quality senior housing options continues to outpace market-wide development
Scottsdale, Arizona and Folsom, CA (November 13, 2018) – The Wolff Company—a Scottsdale-based private equity firm and senior living developer—has broken ground on Revel Folsom, a new independent living apartment community at 2075 Iron Point Road in Folsom. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Folsom 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% decrease in new senior housing projects since the peak in 2015. This is problematic for Folsom, where total housing vacancy rates for homes are below two-percent and total vacancy rates for rentals hover just above seven-percent.
“Nationwide, and in places like Folsom, 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 for The Wolff Company, “Revel Folsom will give prospective residents a higher quality senior living option where choices have previously been limited.”
Once completed, the property will offer 166 studio, one-, and two-bedroom independent living residences. The community boasts 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 Folsom 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 Folsom will offer the resort-style amenities and experiences that make senior living something to look forward to and celebrate.”
Revel Folsom joins a portfolio of 21 senior living communities the Wolff Co. began developing in 2016. 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 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. For more information about The Wolff Company, visit 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.