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Related Companies and Atria Senior Living Announce Formation of New Joint Venture
Management & Operations October 16, 2018
NEW YORK, NY–Related Companies, the nation's most prominent privately-owned real estate firm, today announced a new joint venture with Atria Senior Living, one of the most highly respected, industry leading senior housing management services companies.
Over the next five years, Related and Atria plan to develop, own and operate more than $3 billion of 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 vast experience in designing, developing and managing a superior residential hospitality platform, and Atria's expertise in creating and operating senior living environments where people thrive and continue living fulfilling lives.
"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.
To deliver a unique and unrivaled experience to our residents, 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 seek to create a more connected environment where extensive, thoughtful programming will include 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 highest quality of care and support will be available to improve overall senior wellness, while well-designed memory care residences and facilities will support residents with dementia.
The Related-Atria 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. The Related-Atria communities will elevate every dimension of senior living and bring a new level of amenities and concierge care to the market, enabling residents to truly live their lives to the fullest.
Related was recently named one of the "50 Most Innovative Companies in the World" by Fast Company Magazine, dramatically redefining the concept of metropolitan luxury by introducing extraordinary residential properties in Boston, Chicago, Los Angeles, San Francisco, New York City and Washington, D.C. The most prominent privately-owned real estate firm in the U.S., formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales.
Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of over 3,500 professionals. With over $50 billion in assets owned or under development, the company's portfolio is made up of best-in-class developments in premier high-barrier-to-entry markets across all asset classes.
Atria Senior Living is an industry leading senior housing management services company operating more than 225 locations and 27,000 units in the United States and Canada. Focusing on high-barrier-to-entry gateway cities, Atria has a leading presence in markets with strong wealth demographics, including 27 communities in metropolitan New York and 43 in California with concentrations in the Bay Area, Orange County and Western Los Angeles markets. Atria also has a significant presence in metropolitan areas of Toronto, Boston, Houston, Atlanta, Chicago and Philadelphia.
Founded in 1996, Atria has more than doubled revenue under management since 2011, when Ventas purchased substantially all of Atria's real estate. Atria's pure-play senior housing management services platform now operates for Ventas and has become a "manager of choice" for more than ten other real estate owners, including the real estate investment trust HCP.
Atria has built its reputation as a senior living industry leader with a focus on customer experience and quality. Its operating platform is one the most comprehensive in the industry and includes use of internally developed, proprietary, leading edge business support technology and advanced tools. Atria employs more than 16,000 and operates a state-of-the-art Support Center in Louisville, KY.
Cheryl Slavinsky
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