The Wolff Company, a Scottsdale-based private equity firm and senior living developer, has broken ground on Revel Scottsdale, a new independent living apartment community at 8225 E. Indian Bend Road in Scottsdale, where the former Scottsdale Athletic Club was located. Characterized by celebrity chef-driven dining options, personalized amenities and spectacular spaces, Revel Scottsdale is expected to open in late 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 Scottsdale, which according to the U.S. Census Bureau is part of the fourth-fastest growing metropolitan area in the United States.
“Nationwide, and in places like Scottsdale, 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 at The Wolff Company. “Revel Scottsdale will give prospective residents a higher quality senior living option where choices have previously been limited.”