The Wolff Company and its operating partner, Clearwater Living, are making progress on their plan to open wellness-focused senior living communities throughout the Western U.S.
Wolff, a private equity firm and developer headquartered in Scottsdale, Arizona, first entered the senior housing sector in 2016. Before that, the company previously dealt with multifamily assets.
The two companies’ latest collaboration, Revel Vegas in Las Vegas, Nevada, is now pre-leasing with an expected opening date later this year. When it opens, that community will offer an amenity package that includes a full-service salon and spa, a theater, a fitness center and dining options from chef and television personality Beau MacMillan.
Wolff first selected Newport Beach, California-based Clearwater to provide management services for The Wolff Company’s Revel-branded independent living portfolio last September. If all goes according to plan, Clearwater and Wolff will have by 2020 teamed up on 18 communities in various stages of development throughout Colorado, Nevada, Washington, Idaho, and California.
In addition teaming up with Wolff, Clearwater is also developing its own senior living communities, according to Danielle Morgan, the company’s president and COO. Clearwater in April opened an owned senior living community in Oxnard, California, with another due to open in Rhonert Park, California, in early summer, 2019.
“Our plan is to develop two to three of our own communities each year, while managing for strategic partners like The Wolff Company in which there is alignment in thoughtful design that enables unique and distinctive living experiences,” Morgan told Senior Housing News.
The company has additional plans to break ground on two or three more Clearwater-owned memory care and assisted living communities this year or next year, Morgan added.
To help prepare for the growth in managed and owned properties, Clearwater recently adopted senior living software developer Yardi’s Senior Living Suite, which allows providers to manage resident care, finance, operations, marketing and leasing.
Written by Tim Regan