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NEW YORK CITY–Related Cos., and Atria Senior Living have formed a joint venture in which they plan to develop more than $3 billion of urban communities catering to seniors over the next five years.
The mix of properties will include memory care facilities to support residents with dementia.
The initial development pipeline includes New York City, San Francisco, Boston, Los Angeles, Miami, Washington DC, and other major metropolitan areas. This is a new focus for Related Cos., which has primarily focused on multifamily housing to date. “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,” says Related Cos. CEO Jeff Blau.
Related and Atria plan to work with architects, designers, gerontologists, nutritionists and wellness experts to develop the communities’ services and amenities. There will also be partnerships with local medical facilities.
Earlier this month Alternative asset manager Fundamental Advisors and developer Senior Care Development formed a joint venture to acquire up to $1 billion in the skilled nursing asset class.