NEW YORK CITY and LOUISVILLE, Ky. — Related Cos., a privately owned, New York-based real estate firm, has entered into a joint venture with Atria Senior Living, a Louisville-based operator of more than 21,000 units of seniors housing. The companies plan to develop more than $3 billion of new seniors housing communities together over the next five years.
The venture will seek opportunities in high-barrier-to-entry urban locations. The first markets targeted for development include sites in New York City, San Francisco, Boston, Los Angeles, Miami and Washington D.C.
The joint venture believes it can capitalize on Related’s experience in designing, developing and managing a residential hospitality platform, and Atria’s expertise in creating and operating senior living environments.
“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,” says Jeff Blau, CEO of Related Cos. “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.”
“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 partnership is founded on a 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.